The first Global Climate Strike on March 15, 2019, represented a historical turning point in climate activism. We investigate the cross-section of stock price reactions to this event for a large sample of European firms. The strike's unanticipated success caused a decrease in the stock prices of carbon-intensive firms. The effect appears to be driven by the increased public attention to climate activism. Furthermore, after the first Global Climate Strike financial analysts downgraded their longer-term earnings forecasts on carbon-intensive firms.
Ramelli, S., Ossola, E., Rancan, M. (2021). Stock price effects of climate activism: Evidence from the first Global Climate Strike. JOURNAL OF CORPORATE FINANCE, 69(August 2021) [10.1016/j.jcorpfin.2021.102018].
Stock price effects of climate activism: Evidence from the first Global Climate Strike
Ossola, E;
2021
Abstract
The first Global Climate Strike on March 15, 2019, represented a historical turning point in climate activism. We investigate the cross-section of stock price reactions to this event for a large sample of European firms. The strike's unanticipated success caused a decrease in the stock prices of carbon-intensive firms. The effect appears to be driven by the increased public attention to climate activism. Furthermore, after the first Global Climate Strike financial analysts downgraded their longer-term earnings forecasts on carbon-intensive firms.
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