Corporate carbon emissions and market valuation of organic and inorganic investments
研究了企业碳排放水平如何影响市场对有机投资和无机投资公告的反应，发现高碳排放企业的投资公告会遭到市场负面评价，尤其是有机投资中的资产收购和产品发布。
We empirically examine the impact of a firm’s carbon emissions level on the market valuation of organic and inorganic investments. We document that the market reacts negatively to corporate investment announcements by companies with high carbon emissions levels. Further analysis indicates that the discount on market valuation is more pronounced for the set of organic investments, within which only asset acquisitions and product launches are negatively affected by the high carbon emissions level at the announcement.