@article{schutze2018stock,
abstract = {This paper investigates the impact of global climate-policy related events on shareholder value by analyzing short-term market reactions to the outcomes of international climate negotiations. We examine the stock market reaction to two categories of events using the event study methodology: The first category includes different international climate policy events. We compare the stock price e ects on the largest low-carbon companies with the largest high-carbon (oil, gas, coal) companies globally. We fond that international climate negotiations can have a signaling effect on global financial markets. Climate negotiations that facilitated the transition to a low-carbon economy show either positive wealth e ects for "green" companies and insigni cant e ects on "brown" companies (Cancun and Doha) or negative wealth effects for "brown" companies and insignificant effects on "green" companies (Paris). Additionally, we fond (statistically significant) differences between companies from emerging vs. developed markets. However, although the Paris climate agreement was considered a milestone in climate policy, its effect on stock markets did not reflect that to the same extend. The second category includes the announcement of the Clean200 ranking (a list of the largest "green" companies globally). We fond that the wealth effects are greater for higher ranked companies of the Clean200 ranking, however only for companies from developed countries. The ndings show that environmental performance, indicated by a ranking, has an infuence on short-term nancial performance as well.},
author = {Sch{\"{u}}tze, Franziska and Aleksovski, Darko and Mozeti{\v{c}}, Igor},
journal = {Paper-Progress},
keywords = {DOLFINS{\_}WP2,DOLFINS{\_}working{\_}paper},
mendeley-tags = {DOLFINS{\_}WP2,DOLFINS{\_}working{\_}paper},
title = {{Stock market reactions to international climate negotiations}},
year = {2018}
}

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We fond that international climate negotiations can have a signaling effect on global financial markets. Climate negotiations that facilitated the transition to a low-carbon economy show either positive wealth e ects for \"green\" companies and insigni cant e ects on \"brown\" companies (Cancun and Doha) or negative wealth effects for \"brown\" companies and insignificant effects on \"green\" companies (Paris). Additionally, we fond (statistically significant) differences between companies from emerging vs. developed markets. However, although the Paris climate agreement was considered a milestone in climate policy, its effect on stock markets did not reflect that to the same extend. The second category includes the announcement of the Clean200 ranking (a list of the largest \"green\" companies globally). We fond that the wealth effects are greater for higher ranked companies of the Clean200 ranking, however only for companies from developed countries. 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We examine the stock market reaction to two categories of events using the event study methodology: The first category includes different international climate policy events. We compare the stock price e ects on the largest low-carbon companies with the largest high-carbon (oil, gas, coal) companies globally. We fond that international climate negotiations can have a signaling effect on global financial markets. Climate negotiations that facilitated the transition to a low-carbon economy show either positive wealth e ects for \"green\" companies and insigni cant e ects on \"brown\" companies (Cancun and Doha) or negative wealth effects for \"brown\" companies and insignificant effects on \"green\" companies (Paris). Additionally, we fond (statistically significant) differences between companies from emerging vs. developed markets. However, although the Paris climate agreement was considered a milestone in climate policy, its effect on stock markets did not reflect that to the same extend. The second category includes the announcement of the Clean200 ranking (a list of the largest \"green\" companies globally). We fond that the wealth effects are greater for higher ranked companies of the Clean200 ranking, however only for companies from developed countries. 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