Is Davos More Than a Boondoggle?

Andreas Fuchs, Sebastian S. Leue and Andrew Rose

No 20186, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Since 1971, the World Economic Forum (WEF) Annual Meeting in Davos has attracted the leadership of global corporations. Attendance may offer economic benefits through networking and political support or provide only private gains without measurable impact. Through creating a novel database of WEF attendees (2009 - 2018) matched with firm-level data, we analyze stock market performance, corporate ratings, and environmental, social, and corporate governance (ESG) scores. Regression results, including annual and daily event studies, suggest that WEF attendance does not systematically improve stock performance or credit ratings. However, WEF attendance positively impacts ESG scores, especially the social sub-score, indicating beneficial stakeholder effects.

Keywords: Economic (search for similar items in EconPapers)
JEL-codes: F54 G24 G32 G39 O19 (search for similar items in EconPapers)
Date: 2025-04
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