Stock Market Reaction to Green Vehicle Innovation
研究了1996至2009年间全球绿色汽车创新公告对股票市场的影响，发现市场对汽车制造商的环境创新公告总体反应积极，且创新类型和市场细分选择直接影响企业市值。
We study the stock market reaction to announcements of global green vehicle innovation over a 14‐year time span (1996–2009) using the event study methodology. We document that the stock market generally reacts positively to automakers' announcements of environmental innovations, consistent with prior research on the wealth effects of innovation announcements. Our results indicate that crucial green product development decisions such as innovation type and market segment choices exert direct influence on a firm's market value. These results hold after controlling for firm size, leverage, profitability, R&D intensity, and oil price changes.