We examine the impact of climate change risk on the performance of newly listed firms. Using a sample of IPO firms from 2000 to 2020, we find that the volume of firms going public is higher when the climate risk is lower. Similarly, IPOs located in states with more exposure to climate risk are...

Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...