IDEAS home Printed from https://ideas.repec.org/a/ksa/szemle/2130.html
   My bibliography  Save this article

A klímavédelmi események hatása a köztudatra és a tőkepiacra. Empirikus vizsgálat Google-trends- és ETF-adatokon
[The impact of climate events on public perception and capital markets. An empirical study on Google trends and ETF data]

Author

Listed:
  • Timár, Barnabás

Abstract

A tanulmány a klímavédelmi események hatását vizsgálja a köztudatra és a tőkepiacra. Először tíz klímaváltozáshoz kapcsolódó fogalom Google-trends-indexének alakulását, majd öt zöld- és öt szennyező iparági kitettségű ETF abnormális hozamát tekinti át az eseményelemzés standard nemzetközi módszertanával. A Google-trends adatain vizsgált tényezők jelentős részénél az események hatására kimutatható szignifikáns átlag feletti keresési érték. A további eredmények alapján azonban a klímavédelmi eseményeknek összességében nincs tendenciaszerű hatásuk a tőkepiacra. Minden eseménynél egyedi hatások láthatók, még a hasonlók is különböző irányú reakciókat válthatnak ki. A legjelentősebb események az IPCC-jelentés, az ENSZ 24. éghajlatváltozási konferenciája, az Egyesült Államok hivatalos kilépése a párizsi egyezményből és a glasgow-i klímasztrájk volt. Egységes iparági trendek nehezen határozhatók meg, a kedvező társadalmi felelősségű (ESG) részvények, valamint - meglepő módon - a dohány-, alkohol-, szerencsejáték- és repülőgép-ipari kitettségű ETF-ek esetében várhatunk átlagosan pozitív hatást, de ezeknek a hatásoknak a robusztussága is megkérdőjelezhető. Így a klímavédelmi eseményeknek a tőkepiacokra gyakorolt hatása nagyon korlátozott, aminek egyik magyarázata lehet a vizsgált tőkepiac hatékony működése.* Journal of Economic Literature (JEL) kód: G17, G32, G41.

Suggested Citation

  • Timár, Barnabás, 2023. "A klímavédelmi események hatása a köztudatra és a tőkepiacra. Empirikus vizsgálat Google-trends- és ETF-adatokon [The impact of climate events on public perception and capital markets. An empirical," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 713-745.
  • Handle: RePEc:ksa:szemle:2130
    DOI: 10.18414/KSZ.2023.7-8.713
    as

    Download full text from publisher

    File URL: http://www.kszemle.hu/tartalom/letoltes.php?id=2130
    Download Restriction: Registration and subscription. 3-month embargo period to non-subscribers.

    File URL: https://libkey.io/10.18414/KSZ.2023.7-8.713?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Fatemi, Ali & Glaum, Martin & Kaiser, Stefanie, 2018. "ESG performance and firm value: The moderating role of disclosure," Global Finance Journal, Elsevier, vol. 38(C), pages 45-64.
    2. Mario La Torre & Fabiomassimo Mango & Arturo Cafaro & Sabrina Leo, 2020. "Does the ESG Index Affect Stock Return? Evidence from the Eurostoxx50," Sustainability, MDPI, vol. 12(16), pages 1-12, August.
    3. Stephane Hallegatte & Colin Green & Robert J. Nicholls & Jan Corfee-Morlot, 2013. "Future flood losses in major coastal cities," Nature Climate Change, Nature, vol. 3(9), pages 802-806, September.
    4. N. C. Ashwin Kumar & Camille Smith & Leïla Badis & Nan Wang & Paz Ambrosy & Rodrigo Tavares, 2016. "ESG factors and risk-adjusted performance: a new quantitative model," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(4), pages 292-300, October.
    5. Richard S J Tol, 2018. "The Economic Impacts of Climate Change," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 4-25.
    6. Remmer Sassen & Anne-Kathrin Hinze & Inga Hardeck, 2016. "Impact of ESG factors on firm risk in Europe," Journal of Business Economics, Springer, vol. 86(8), pages 867-904, November.
    7. Auer, Benjamin R. & Schuhmacher, Frank, 2016. "Do socially (ir)responsible investments pay? New evidence from international ESG data," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 51-62.
    8. Richard J. Rosen, 2006. "Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements," The Journal of Business, University of Chicago Press, vol. 79(2), pages 987-1017, March.
    9. Ramiah, Vikash & Martin, Belinda & Moosa, Imad, 2013. "How does the stock market react to the announcement of green policies?," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1747-1758.
    10. Chris D. Thomas & Alison Cameron & Rhys E. Green & Michel Bakkenes & Linda J. Beaumont & Yvonne C. Collingham & Barend F. N. Erasmus & Marinez Ferreira de Siqueira & Alan Grainger & Lee Hannah & Lesle, 2004. "Extinction risk from climate change," Nature, Nature, vol. 427(6970), pages 145-148, January.
    11. Matthew R. Sisco & Valentina Bosetti & Elke U. Weber, 2017. "When do extreme weather events generate attention to climate change?," Climatic Change, Springer, vol. 143(1), pages 227-241, July.
    12. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    13. Emma Marris, 2019. "Why young climate activists have captured the world’s attention," Nature, Nature, vol. 573(7775), pages 471-472, September.
    14. Huy Pham & Van Nguyen & Vikash Ramiah & Kashif Saleem & Nisreen Moosa, 2019. "The effects of the Paris climate agreement on stock markets: evidence from the German stock market," Applied Economics, Taylor & Francis Journals, vol. 51(57), pages 6068-6075, December.
    15. Ramelli, Stefano & Ossola, Elisa & Rancan, Michela, 2021. "Stock price effects of climate activism: Evidence from the first Global Climate Strike," Journal of Corporate Finance, Elsevier, vol. 69(C).
    16. Kewei Hou, 2007. "Industry Information Diffusion and the Lead-lag Effect in Stock Returns," The Review of Financial Studies, Society for Financial Studies, vol. 20(4), pages 1113-1138.
    17. Bhojraj, Sanjeev & Mohanram, Partha & Zhang, Suning, 2020. "ETFs and information transfer across firms," Journal of Accounting and Economics, Elsevier, vol. 70(2).
    18. Halbritter, Gerhard & Dorfleitner, Gregor, 2015. "The wages of social responsibility — where are they? A critical review of ESG investing," Review of Financial Economics, Elsevier, vol. 26(C), pages 25-35.
    19. Sarah C. B. Raper & Roger J. Braithwaite, 2006. "Low sea level rise projections from mountain glaciers and icecaps under global warming," Nature, Nature, vol. 439(7074), pages 311-313, January.
    20. P. Sol Hart & Erik C. Nisbet & Teresa A. Myers, 2015. "Public attention to science and political news and support for climate change mitigation," Nature Climate Change, Nature, vol. 5(6), pages 541-545, June.
    21. Sakis Kotsantonis & Chris Pinney & George Serafeim, 2016. "ESG Integration in Investment Management: Myths and Realities," Journal of Applied Corporate Finance, Morgan Stanley, vol. 28(2), pages 10-16, June.
    22. Zhang, Yue-Jun & Wei, Yi-Ming, 2010. "An overview of current research on EU ETS: Evidence from its operating mechanism and economic effect," Applied Energy, Elsevier, vol. 87(6), pages 1804-1814, June.
    23. Binder, John J, 1998. "The Event Study Methodology since 1969," Review of Quantitative Finance and Accounting, Springer, vol. 11(2), pages 111-137, September.
    24. I. El Ouadghiri & K. Guesmi & Jonathan Peillex & A. Ziegler, 2021. "Public Attention to Environmental Issues and Stock Market Returns," Post-Print hal-03678291, HAL.
    25. El Ouadghiri, Imane & Guesmi, Khaled & Peillex, Jonathan & Ziegler, Andreas, 2021. "Public Attention to Environmental Issues and Stock Market Returns," Ecological Economics, Elsevier, vol. 180(C).
    26. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    27. De Bondt, Werner F M & Thaler, Richard H, 1987. "Further Evidence on Investor Overreaction and Stock Market Seasonalit y," Journal of Finance, American Finance Association, vol. 42(3), pages 557-581, July.
    28. Steve Pye & Francis G. N. Li & James Price & Birgit Fais, 2017. "Achieving net-zero emissions through the reframing of UK national targets in the post-Paris Agreement era," Nature Energy, Nature, vol. 2(3), pages 1-7, March.
    29. Klein, April & Rosenfeld, James, 1987. "The Influence of Market Conditions on Event-Study Residuals," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(3), pages 345-351, September.
    30. Moinak Maiti, 2021. "Is ESG the succeeding risk factor?," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 11(3), pages 199-213, July.
    31. Alison Anderson, 2011. "Sources, media, and modes of climate change communication: the role of celebrities," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 2(4), pages 535-546, July.
    32. Caterina De Lucia & Pasquale Pazienza & Mark Bartlett, 2020. "Does Good ESG Lead to Better Financial Performances by Firms? Machine Learning and Logistic Regression Models of Public Enterprises in Europe," Sustainability, MDPI, vol. 12(13), pages 1-29, July.
    33. Calum Brown & Evan Brown & Dave Murray-Rust & George Cojocaru & Cristina Savin & Mark Rounsevell, 2015. "Analysing uncertainties in climate change impact assessment across sectors and scenarios," Climatic Change, Springer, vol. 128(3), pages 293-306, February.
    34. Ozgur S. Ince & R. Burt Porter, 2006. "Individual Equity Return Data From Thomson Datastream: Handle With Care!," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 29(4), pages 463-479, December.
    35. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
    36. Bonnier, Karl-Adam & Bruner, Robert F., 1989. "An analysis of stock price reaction to management change in distressed firms," Journal of Accounting and Economics, Elsevier, vol. 11(1), pages 95-106, February.
    37. Gerhard Halbritter & Gregor Dorfleitner, 2015. "The wages of social responsibility — where are they? A critical review of ESG investing," Review of Financial Economics, John Wiley & Sons, vol. 26(1), pages 25-35, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Birindelli, Giuliana & Miazza, Aline & Paimanova, Viktoriia & Palea, Vera, 2023. "Just “blah blah blah”? Stock market expectations and reactions to COP26," International Review of Financial Analysis, Elsevier, vol. 88(C).
    2. Nektarios Gavrilakis & Christos Floros, 2023. "ESG performance, herding behavior and stock market returns: evidence from Europe," Operational Research, Springer, vol. 23(1), pages 1-21, March.
    3. Vahidin Jeleskovic & Yinan Wan, 2024. "The impact of Facebook-Cambridge Analytica data scandal on the USA tech stock market: An event study based on clustering method," Papers 2402.14206, arXiv.org.
    4. Liu, Haiyue & Wang, Yile & Shi, Xiaoshuang & Pang, Lina, 2022. "How do environmental policies affect capital market reactions? Evidence from China's construction waste treatment policy," Ecological Economics, Elsevier, vol. 198(C).
    5. Chung, Yessica C.Y. & Kunene, Noxolo & Chang, Hung-Hao, 2024. "Renewable energy certificates and firm value: Empirical evidence in Taiwan," Energy Policy, Elsevier, vol. 184(C).
    6. Asiya Sohail & Attiya Yasmin Javid, 2014. "The Global Financial Crisis and Investors’ Behaviour; Evidence from the Karachi Stock Exchange," PIDE-Working Papers 2014:106, Pakistan Institute of Development Economics.
    7. Sadok El Ghoul & Omrane Guedhami & Sattar A. Mansi & Oumar Sy, 2023. "Event studies in international finance research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(2), pages 344-364, March.
    8. Xu, Mingli & Yang, Wei & Huang, Zhixiong, 2021. "Do investor relations matter in the tourism industry? Evidence from public opinions in China," Economic Modelling, Elsevier, vol. 94(C), pages 923-933.
    9. Furdui Călin & Șfabu Dorina Teodora, 2023. "The European Banks Under the Shock of the Russian Invasion of 2022: An Event Study Approach," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 68(1), pages 62-77, April.
    10. Pushpanjali Kaul & Sangeeta Arora, 2022. "Reinventing a brand’s identity: effect of name and logo announcements on the stock price of Indian banks," Journal of Brand Management, Palgrave Macmillan, vol. 29(3), pages 258-270, May.
    11. Justinas Lubys & Pradiptarathi Panda, 2021. "US and EU unconventional monetary policy spillover on BRICS financial markets: an event study," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(2), pages 353-371, May.
    12. Valizadeh, Pourya & Karali, Berna & Ferreira, Susana, 2017. "Ripple effects of the 2011 Japan earthquake on international stock markets," Research in International Business and Finance, Elsevier, vol. 41(C), pages 556-576.
    13. Cañón-de-Francia, Joaquín & Garcés-Ayerbe, Concepción & Ramírez-Alesón, Marisa, 2008. "Analysis of the effectiveness of the first European Pollutant Emission Register (EPER)," Ecological Economics, Elsevier, vol. 67(1), pages 83-92, August.
    14. Ding, Li & Lam, Hugo K.S. & Cheng, T.C.E. & Zhou, Honggeng, 2018. "A review of short-term event studies in operations and supply chain management," International Journal of Production Economics, Elsevier, vol. 200(C), pages 329-342.
    15. Lei Ruan & Heng Liu, 2021. "Environmental, Social, Governance Activities and Firm Performance: Evidence from China," Sustainability, MDPI, vol. 13(2), pages 1-16, January.
    16. Rebecca Pham & Marcel Ausloos, 2022. "Insider trading in the run‐up to merger announcements. Before and after the UK's Financial Services Act 2012," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3373-3385, July.
    17. Thorsten Knauer & Christian Ledwig & Andreas Wömpener, 2012. "Zur Wertrelevanz freiwilliger Managementprognosen in Deutschland," Schmalenbach Journal of Business Research, Springer, vol. 64(2), pages 166-204, March.
    18. Giuliana Birindelli & Helen Chiappini, 2021. "Climate change policies: Good news or bad news for firms in the European Union?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(2), pages 831-848, March.
    19. Day, Min-Yuh & Ni, Yensen & Huang, Paoyu, 2019. "Trading as sharp movements in oil prices and technical trading signals emitted with big data concerns," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 525(C), pages 349-372.
    20. Chia-Lin Chang & Shu-Han Hsu & Michael McAleer, 2018. "An Event Study Analysis of Political Events, Disasters, and Accidents for Chinese Tourists to Taiwan," Sustainability, MDPI, vol. 10(11), pages 1-77, November.

    More about this item

    JEL classification:

    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ksa:szemle:2130. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Odon Sok (email available below). General contact details of provider: http://www.kszemle.hu .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.