Umfang:
1 Online-Ressource (circa 42 Seiten)
,
Illustrationen
Serie:
Discussion paper series / Centre for Economic Policy Research DP18906
Inhalt:
We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors track an index that progressively excludes the stocks of the brownest firms; passive investors hold a value-weighted index of all stocks; and active investors hold a mean-variance efficient portfolio of all stocks. Contrary to the literature, we find large drops in the stock prices of the brownest firms and moderate increases for greener firms. These effects occur primarily upon the announcement of the green index's formation and continue during the exclusion phase. The announcement effects imply a first-mover advantage to early adopters of decarbonisation strategies.
Sprache:
Englisch
Schlagwort(e):
Graue Literatur
URL:
Deutschlandweit zugänglich
URL:
Deutschlandweit zugänglich
Mehr zum Autor:
Vayanos, Dimitri
