Stock Price Rewards to Climate Saints and Sinners: Evidence from the Trump Election
NBER Working Paper No. 25310
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We thank seminar participants at Harvard University, at the SFI Research Days 2018, at the inaugural conference of the Global Research Alliance for Sustainable Finance and Investment (GRASFI), and at the Research in Behavioral Finance Conference 2018 for useful comments. We particularly thank Rüdiger Fahlenbrach for sharing computer code for the computation of empirical standard errors. The authors declare that they have no relevant or material financial interests that relate to the research described in this paper. Ramelli thanks Oikos International for financial support. Wagner thanks the Swiss Finance Institute and the University of Zurich Research Priority Program Financial Market Regulation for financial support. Wagner is chairman of the Swipra foundation and an independent counsel for PricewaterhouseCoopers. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.