This paper assesses the carbon exposure of European electric utilities covered by the EU Emissions Trading System (EU ETS). First, we rely on an asset pricing model to empirically determine the effect of carbon price risks on firm-specific cost of capital for a sample of 20 European utility...

This paper investigates capital market reactions to announcements of corporate strategic transactions in the cleantech industry. Using the event study method in a multi-country setting, we exploit a dataset of 328 hand-collected announcements of mergers and acquisitions, joint ventures and asset...

This paper examines intra-industry information transfers in the European and Japanese electric industry in the wake of the Fukushima nuclear accident. For European conventional utilities, the downward price drift is relatively small and transient in nature. Yet, we find positive and lingering...

In recent years, sustainability has increasingly attracted the attention of capital market participants. While event studies have established that stock prices react to news about environmental, social, and governance (ESG) performance, further empirical evidence raises the question of whether...

Manuscript Type: Empirical.Research Question / Issue: This study contributes to the emerging research that analyzes the relation between performance and single components of broad corporate governance aggregates, such as governance codes and ratings. Available research is confined to the U.S.,...

Corporate responsibility (CR) issues have gained importance within the financial community due to the exponential growth of specialized institutes, expansion of academic and research departments, increased launching of mutual funds allocated according to sustainability criteria, proliferation of...