Stock price effects of climate activism: Evidence from the first Global Climate Strike

Stefano Ramelli, Elisa Ossola () and Michela Rancan

Journal of Corporate Finance, 2021, vol. 69, issue C

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.

Keywords: Climate change; Climate strikes; Stock returns; Environmental performance; Public attention; Earnings forecasts (search for similar items in EconPapers)
JEL-codes: G14 G23 G40 Q01 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (30)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:69:y:2021:i:c:s0929119921001395

DOI: 10.1016/j.jcorpfin.2021.102018

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