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Investor Attention to Fossil Fuel Divestment Movement and Stock Returns

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  • Imane El Ouadghiri, Mathieu Gomes, Jonathan Peillex, and Guillaume Pijourlet

Abstract

This study investigates whether the investor attention to the fossil fuel divestment (FFD) movement is related to the stock returns on firms involved in extracting fossil fuels. Three complementary indicators of investor attention to the FFD movement are considered: (1) the U.S. weekly Google Search Volume Index on the topic "fossil fuel divestment," (2) the U.S. weekly media coverage of fossil fuel divestment, and (3) the number of weekly visits to the "fossil fuel divestment" page on Wikipedia. Based on a sample of weekly returns on 1,850 U.S. firms over the period 20122020, our econometric estimations report a positive relationship between investor attention to FFD and excess stock returns for U.S. fossil fuelrelated firms. Therefore, contrary to what the FFD campaigners might expect, the stigmatization of the fossil fuel industry does not drive down the stock returns on fossil fuelrelated firms.

Suggested Citation

  • Imane El Ouadghiri, Mathieu Gomes, Jonathan Peillex, and Guillaume Pijourlet, 2022. "Investor Attention to Fossil Fuel Divestment Movement and Stock Returns," The Energy Journal, International Association for Energy Economics, vol. 0(Number 6).
    • Handle: RePEc:aen:journl:ej43-6-peillex
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    Cited by:

    1. Abid, Ilyes & Benlemlih, Mohammed & El Ouadghiri, Imane & Peillex, Jonathan & Urom, Christian, 2023. "Fossil fuel divestment and energy prices: Implications for economic agents," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 1-16.

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    JEL classification:

    • F0 - International Economics - - General

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