Do Financial Markets Respond to Green Opportunities?
利用巴黎协定签署作为自然实验，研究发现绿色收入占比高的公司在协定后平均获得10%的累计异常回报，表明金融市场正向绿色机遇配置资本。
This study investigates whether financial markets respond to firms’ climate actions. We exploit the signing of the Paris Agreement, which required governments to commit to ambitious climate action, as a quasi-natural experiment. Using a proprietary green revenue database, we find that firms deriving a significant fraction of their revenues from green goods and services experience on average a 10% increase in cumulative abnormal returns following the agreement. The empirical evidence indicates that financial markets are responding to opportunities associated with new green markets, and strengthening climate policies can reallocate capital to support green private sector investment.