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Investor Rewards to Climate Responsibility: Stock-Price Responses to the Opposite Shocks of the 2016 and 2020 U.S. Elections
[Asset pricing with liquidity risk]

Citations

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Cited by:

  1. Bardos, Katsiaryna Salavei & Mishra, Dev R. & Somé, Hyacinthe Y., 2025. "Firm-level climate sentiments, climate politics and implied cost of equity capital," Journal of Corporate Finance, Elsevier, vol. 94(C).
  2. Salikhova, Tatiana, 2025. "The impact of wildfire smoke on carbon-intensive stocks," Finance Research Letters, Elsevier, vol. 82(C).
  3. Albanese, Marina & Caporale, Guglielmo Maria & Colella, Ida & Spagnolo, Nicola, 2025. "The effects of physical and transition climate risk on stock markets: Some multi-Country evidence," International Economics, Elsevier, vol. 181(C).
  4. Li, Wenquan & Neupane, Suman & Tan, Kelvin Jui Keng, 2025. "Environmental externalities of corporate culture: Evidence from firm pollution," The British Accounting Review, Elsevier, vol. 57(5).
  5. Dulak, Thomas & Gnabo, Jean-Yves, 2024. "Climate litigation and financial markets: A disciplinary effect?," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  6. Chatjuthamard, Pattanaporn & Mook Lee, Sang & Kim, Young S. & Jiraporn, Pornsit & Potosky, Denise, 2024. "Climate change and shareholder value: Evidence from textual analysis and Trump’s unexpected victory," Journal of Business Research, Elsevier, vol. 180(C).
  7. Stefano Carattini & Garth Heutel & Givi Melkadze, 2023. "Climate Policy, Financial Frictions, and Transition Risk," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 778-794, December.
  8. Monica Billio & Michele Costola & Iva Hristova & Carmelo Latino & Loriana Pelizzon, 2024. "Sustainable Finance: A Journey Toward ESG and Climate Risk," International Review of Environmental and Resource Economics, now publishers, vol. 18(1-2), pages 1-75, January.
  9. Lee H. Seltzer & Laura Starks & Qifei Zhu, 2022. "Climate Regulatory Risk and Corporate Bonds," NBER Working Papers 29994, National Bureau of Economic Research, Inc.
  10. Alexandre Garel & Arthur Petit-Romec, 2021. "Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis," Post-Print hal-03204216, HAL.
  11. Müller, Isabella & Nguyen, Huyen & Nguyen, Trang, 2024. "Carbon transition risk and corporate loan securitization," IWH Discussion Papers 22/2022, Halle Institute for Economic Research (IWH), revised 2024.
  12. Bogmans, Christian & Pescatori, Andrea & Prifti, Ervin, 2024. "The impact of climate policy on oil and gas investment: Evidence from firm-level data," European Economic Review, Elsevier, vol. 165(C).
  13. Bauer, Michael D. & Offner, Eric A. & Rudebusch, Glenn D., 2025. "Green stocks and monetary policy shocks: Evidence from Europe," European Economic Review, Elsevier, vol. 177(C).
  14. Michael Barnett, 2024. "A Run on Fossil Fuel? Climate Change and Transition Risk," Papers 2410.00902, arXiv.org.
  15. Wanidwaranan, Phasin & Wongkantarakorn, Jutamas & Padungsaksawasdi, Chaiyuth, 2025. "Climate policy uncertainty and trading behavior: Evidence from aggregate herd behavior," Energy Economics, Elsevier, vol. 149(C).
  16. Faccini, Renato & Matin, Rastin & Skiadopoulos, George, 2023. "Dissecting climate risks: Are they reflected in stock prices?," Journal of Banking & Finance, Elsevier, vol. 155(C).
  17. Zhou, Peng & Mo, Lingyu & Tan, Changchun & Wu, Huaqing, 2025. "Carbon regulatory risk exposure in the bond market: A quasi-natural experiment in China," China Economic Review, Elsevier, vol. 92(C).
  18. Ge, Xiaowen & Xue, Minggao & Cao, Ruiyi, 2024. "Do Chinese carbon-intensive stocks overreact to climate transition risk? Evidence from the COP26 news," International Review of Financial Analysis, Elsevier, vol. 94(C).
  19. Brown, Kareen & Kim, Sohyung & Lee, Cheol & Pacharn, Parunchana, 2025. "Climate risk and asymmetric cost behavior," Advances in accounting, Elsevier, vol. 68(C).
  20. Masanori Orihara, 2023. "Election-Day Market Reactions to Tax Proposals: Evidence from a Close Vote," Working Papers 2219, Waseda University, Faculty of Political Science and Economics.
  21. Carattini, Stefano & Kim, Giseong & Melkadze, Givi & Pommeret, Aude, 2024. "Carbon taxes and tariffs, financial frictions, and international spillovers," European Economic Review, Elsevier, vol. 170(C).
  22. Daniel Ramos-García & Carmen López-Martín & Raquel Arguedas-Sanz, 2023. "Climate transition risk in determining credit risk: evidence from firms listed on the STOXX Europe 600 index," Empirical Economics, Springer, vol. 65(5), pages 2091-2114, November.
  23. Jiawei Xu & Elie Bouri & Libing Fang & Rangan Gupta, 2025. "US-China Tensions and Stock Market Co-movement between the US and China: Insights from a DCC-DAGARCH-MIDAS Model," Working Papers 202522, University of Pretoria, Department of Economics.
  24. Chongwu Xia & Chong Guan & Ding Ding & Yun Teng, 2024. "Navigating Success in Carbon Offset Projects: A Deep Dive into the Determinants Using Topic Modeling," Sustainability, MDPI, vol. 16(4), pages 1-19, February.
  25. Pham, Linh & Hao, Wei & Truong, Ha & Trinh, Hai Hong, 2023. "The impact of climate policy on U.S. environmentally friendly firms: A firm-level examination of stock return, volatility, volume, and connectedness," Energy Economics, Elsevier, vol. 119(C).
  26. Curcio, Domenico & Gianfrancesco, Igor & Vioto, Davide, 2023. "Climate change and financial systemic risk: Evidence from US banks and insurers," Journal of Financial Stability, Elsevier, vol. 66(C).
  27. Campiglio, Emanuele & Deyris, Jérôme & Romelli, Davide & Scalisi, Ginevra, 2025. "Warning words in a warming world: Central bank communication and climate change," European Economic Review, Elsevier, vol. 178(C).
  28. Po‐Hsuan Hsu & Kai Li & Chi‐Yang Tsou, 2023. "The Pollution Premium," Journal of Finance, American Finance Association, vol. 78(3), pages 1343-1392, June.
  29. Venturini, Alessio, 2022. "Climate change, risk factors and stock returns: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 79(C).
  30. Martins, António Miguel & Albuquerque, Bruno & Sardinha, Luís & Moutinho, Nuno, 2025. "2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms," International Review of Financial Analysis, Elsevier, vol. 105(C).
  31. Khaled Alsaifi & Marwa Elnahass & Abdullah M. Al-Awadhi & Aly Salama, 2022. "Carbon disclosure and firm risk: evidence from the UK corporate responses to climate change," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(3), pages 505-526, September.
  32. Monasterolo, Irene & de Angelis, Luca, 2020. "Blind to carbon risk? An analysis of stock market reaction to the Paris Agreement," Ecological Economics, Elsevier, vol. 170(C).
  33. Ilaria Piatti & Joel Shapiro & Xuan Wang, 2023. "Sustainable Investing and Public Goods Provision," Working Papers 969, Queen Mary University of London, School of Economics and Finance.
  34. Mueller, Isabella & Nguyen, Huyen & Nguyen, Trang, 2025. "Carbon transition risk and corporate loan securitization," Journal of Financial Intermediation, Elsevier, vol. 63(C).
  35. Fourné, Marius & Li, Xiang, 2026. "Climate policy and international capital reallocation," Journal of Financial Stability, Elsevier, vol. 82(C).
  36. Fetzer, Thiemo & Yotzov, Ivan, 2023. "(How) Do electoral surprises drive business cycles? Evidence from a new dataset," The Warwick Economics Research Paper Series (TWERPS) 1468, University of Warwick, Department of Economics.
  37. Xie, Li & Su, Zhou, 2025. "Energy transition and corporate debt: Evidence from Chinese listed companies," Energy Economics, Elsevier, vol. 151(C).
  38. Cao, June & Huang, Zijie & Shahid, Ahmad Usman, 2025. "Fostering environmental integrity via investor-focused communications: Private in-house meeting disclosures and greenwashing behaviors," Journal of Economic Behavior & Organization, Elsevier, vol. 232(C).
  39. Li, Suyang & Qiao, Lu & Ren, Boru & Wang, Zilong, 2025. "Financing sustainability: Sustainable institutional investors and bank loan access," Journal of International Money and Finance, Elsevier, vol. 157(C).
  40. 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).
  41. Gasparini, Matteo, 2023. "Are financial markets pricing the net zero carbon transition? A reconsideration of the carbon premium," INET Oxford Working Papers 2023-23, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
  42. Alessi, Lucia & Ossola, Elisa & Panzica, Roberto, 2023. "When do investors go green? Evidence from a time-varying asset-pricing model," International Review of Financial Analysis, Elsevier, vol. 90(C).
  43. Li, Huijing & Fu, Chengbo & Zhang, Qi, 2025. "Climate risk and American depositary receipts," Finance Research Letters, Elsevier, vol. 85(PD).
  44. Alexandre Garel & Arthur Petit-Romec, 2022. "CEO exposure to abnormally hot temperature and corporate carbon emissions," Post-Print hal-03515464, HAL.
  45. Fourné, Marius & Li, Xiang, 2025. "Climate policy and international capital reallocation," IWH Discussion Papers 20/2024, Halle Institute for Economic Research (IWH), revised 2025.
  46. Stefano Battiston & Petr Jakubik & Irene Monasterolo & Keywan Riahi & Bas van Ruijven, 2019. "Climate Risk Assessment of the Sovereign Bond Portfolio of European Insurers," EIOPA Financial Stability Report - Thematic Articles 15, EIOPA, Risks and Financial Stability Department.
  47. Kale, Arati & Kale, Devendra, 2023. "Do exogenous economic crises change investors’ response to earnings announcements?: A detailed review using the data from COVID-19 pandemic," The Journal of Economic Asymmetries, Elsevier, vol. 28(C).
  48. Abu Amin & Ashrafee Hossain & Tharindra Ranasinghe, 2025. "Carbon emissions and CEO pay," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(2), pages 1128-1158, June.
  49. Emanuele Campiglio & Luca De Angelis & Paolo Neri & Ginevra Scalisi, 2025. "From Climate Chat to Climate Shock: Non‐Linear Impacts of Transition Risk in Energy CDS Markets," Environmetrics, John Wiley & Sons, Ltd., vol. 36(3), April.
  50. Liu, Dan, 2025. "Seeing is believing: Forecasting oil market returns with artificial intelligence-powered visual climate change perception," Global Finance Journal, Elsevier, vol. 68(C).
  51. Garel, Alexandre & Petit-Romec, Arthur, 2021. "Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis," Journal of Corporate Finance, Elsevier, vol. 68(C).
  52. 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).
  53. Bank for International Settlements, 2023. "The effects of climate change-related risks on banks: a literature review," BCBS Working Papers 40, Bank for International Settlements.
  54. Sirin, Selahattin Murat & Yilmaz, Berna N., 2024. "Energy transition and non-energy firms’ financial performance: Do markets value capability-based energy transition strategies?," Energy Economics, Elsevier, vol. 136(C).
  55. Pham, Son D. & Nguyen, Thao T.T. & Do, Hung X., 2024. "Impact of climate policy uncertainty on return spillover among green assets and portfolio implications," Energy Economics, Elsevier, vol. 134(C).
  56. Luo, Qiling & Xue, Minggao & Xiong, Yeqin & Ge, Xiaowen, 2024. "The backfire of mutual funds balancing financial objectives in ESG investments: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 96(PB).
  57. Orihara, Masanori, 2024. "Election-day market reactions to tax proposals: Evidence from a close vote," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  58. Andrea Jacob & Martin Nerlinger, 2021. "Investors’ Delight? Climate Risk in Stock Valuation during COVID-19 and Beyond," Sustainability, MDPI, vol. 13(21), pages 1-17, November.
  59. Michael D. Bauer & Eric A. Offner & Glenn D. Rudebusch, 2023. "The Effect of U.S. Climate Policy on Financial Markets: An Event Study of the Inflation Reduction Act," CESifo Working Paper Series 10739, CESifo.
  60. Fang, Fei & Parida, Sitikantha, 2024. "Climate policy regime change and mutual fund flows: Insights from the 2020 US election," International Review of Financial Analysis, Elsevier, vol. 96(PA).
  61. Dutordoir, Marie & Li, Shuyu & Neto, João Quariguasi Frota, 2025. "When green is no longer a win - new evidence on the shareholder value effects of green bond offerings11The authors would like to thank Konstantinos Bozos, Samit Gupta, Antony Potter, Hai-Anh Tran, and participants at the 2023 British Academy of Manag," International Review of Financial Analysis, Elsevier, vol. 107(C).
  62. Fatih Kansoy & Dominykas Stasiulaitis, 2025. "Green Shields: The Role of ESG in Uncertain Times," Economics Series Working Papers 1082, University of Oxford, Department of Economics.
  63. Marcelo Ochoa & Matthias Paustian & Laura Wilcox, 2022. "Do Sustainable Investment Strategies Hedge Climate Change Risks? Evidence from Germany's Carbon Tax," Finance and Economics Discussion Series 2022-073, Board of Governors of the Federal Reserve System (U.S.).
  64. Chang, Ya-Kai & Cheung, William Ming Yan & Chung, Min-Hsi & Tan, Haoyun, 2024. "The Paris Agreement effect of consumer awareness and sustainable investing: Some international evidence," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
  65. Samson Mukanjari & Thomas Sterner, 2024. "Do markets Trump politics? Fossil and renewable market reactions to major political events," Economic Inquiry, Western Economic Association International, vol. 62(2), pages 805-836, April.
  66. Fatih Kansoy & Dominykas Stasiulaitis, 2025. "Green Shields: The Role of ESG in Uncertain Time," Papers 2506.02143, arXiv.org.
  67. Bassen, Alexander & Kordsachia, Othar & Lopatta, Kerstin & Tan, Weiqiang, 2025. "Revenue alignment with the EU taxonomy regulation in developed markets," Journal of Banking & Finance, Elsevier, vol. 170(C).
  68. Emanuele Campiglio & Jérôme Deyris & Davide Romelli & Ginevra Scalisi, 2025. "Warning words in a warming world: central bank communication and climate change," Working Papers hal-04978072, HAL.
  69. Dorman,Peter, 2022. "Alligators in the Arctic and How to Avoid Them," Cambridge Books, Cambridge University Press, number 9781316516270, August.
  70. Asim, Meerab, 2025. "Climate Events and Market Efficiency: An Event Study Analysis," MPRA Paper 126500, University Library of Munich, Germany.
  71. Michelfelder, Richard A. & Pilotte, Eugene A., 2024. "U.S. vertically integrated electric utility greenhouse gas emissions and carbon risk premiums around the Paris Accord," Energy Policy, Elsevier, vol. 195(C).
  72. Ferentinos, Konstantinos & Gibberd, Alex & Guin, Benjamin, 2023. "Stranded houses? The price effect of a minimum energy efficiency standard," Energy Economics, Elsevier, vol. 120(C).
  73. Azar, José & Duro, Miguel & Kadach, Igor & Ormazabal, Gaizka, 2021. "The Big Three and corporate carbon emissions around the world," Journal of Financial Economics, Elsevier, vol. 142(2), pages 674-696.
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