Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock
Open accessAbstract
Donald Trump's election and his nomination of Scott Pruitt, a climate skeptic, to lead the Environmental Protection Agency drastically downshifted expectations on US climate-change policy.We study firms' stock-price reactions and institutional investors' portfolio adjustments after these events.As expected, carbon-intensive firms benefited.Should not companies with responsible strategies on climate change have lost value, since they were paying for actions that were now less urgent?In fact, investors actually rewarded such firms.The premium the firms received resulted, at least in part, from the move into climate-responsible stocks by long-horizon investors presumably expecting a post-Trump rebound to green policy.
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References 39 · Cited by 37
- Authors
- Ramelli, S., Wagner, A., Zeckhauser, R., & Ziegler, A.
- Affiliations
- National Bureau of Economic Research (US)
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2018-11
- OpenAlex
- W2963779819
- Cited by
- 37
- References
- 39
- Citations by year
- 2026: 1 · 2025: 1 · 2024: 8 · 2023: 7 · 2022: 3 · 2021: 7 · 2020: 7 · 2019: 2 · 2018: 1
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- National Bureau of Economic Research (submittedVersion)
- Funders
- Science Foundation Ireland
- Universität Zürich
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Sustainable Finance and Green Bonds
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- climate policy, Trump administration, Environmental Protection Agency, stock price reaction, institutional investors, portfolio adjustment, carbon-intensive firms, climate responsibility, green policy, 2016 elections
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