Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/249355 
Year of Publication: 
2020
Series/Report no.: 
JRC Working Papers in Economics and Finance No. 2020/03
Publisher: 
Publications Office of the European Union, Luxembourg
Abstract: 
The first Global Climate Strike on March 15, 2019 has represented a historical turn in climate activism. We investigate the cross-section of European stock price reactions to this event. Looking at a large sample of European firms, we find that the unanticipated success of this event caused a substantial stock price reaction on high-carbon intensity companies. These findings are likely driven by an update of investors' beliefs about the level of environmental social norms in the economy and the anticipation of future developments of climate regulation.
Subjects: 
Climate risks
stock returns
event study
environmental preferences
sustainable finance
investor attention
JEL: 
Q01
G14
G40
G23
Persistent Identifier of the first edition: 
ISBN: 
978-92-76-19455-2
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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