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Elephant and Ant: Do Equity Investors Care About Firm's Carbon Emission?

In: New Perspectives and Paradigms in Applied Economics and Business

Author

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  • Yangmengchi Ding

    (Princeton University)

Abstract

This paper investigates whether investors in the US market are concerned about corporate carbon emissions. We find that carbon emissions can predict future stock return only for firms in the high-emission industries. The analysis method used continues the single ranking method of Fama French. The results indicate that investors care more about carbon emissions for dirty companies. To provide further evidence for investors’ attention channel, we find that the relationship between carbon emissions and future stock returns is significant only after 2016, when the Paris Agreement was signed and investors began to pay attention to climate change.

Suggested Citation

  • Yangmengchi Ding, 2023. "Elephant and Ant: Do Equity Investors Care About Firm's Carbon Emission?," Springer Proceedings in Business and Economics, in: William C. Gartner (ed.), New Perspectives and Paradigms in Applied Economics and Business, pages 31-47, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-23844-4_3
    DOI: 10.1007/978-3-031-23844-4_3
    as

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