Using a global dataset, we document that market-level climate vulnerability is positively associated with stock price crash risk of individual firms. We establish causality by using an instrumental variable analysis and difference-in-differences analysis. Furthermore, we show that an increase in...

Purpose - This study aims to examine the ability of clean energy stocks to provide cover for investors against market risks related to climate change and disturbances in the oil market. Design/methodology/approach - The study adopts the feasible quasi generalized least squares technique to...

This paper is concerned with the statistical behavior of oil prices in two ways. It, firstly, applies a combined jump GARCH in order to characterize the behavior of daily, weekly as well as monthly oil prices. Secondly, it relates its empirical results to implications of Hotelling-type resource...

The first Global Climate Strike on March 15, 2019 has represented a historical turn in climate activism. We investigate the cross-section of European stock price reactions to this event. Looking at a large sample of European firms, we find that the unanticipated success of this event caused a...