Revenue alignment with the EU taxonomy regulation in developed markets
研究了欧盟分类法规对资本市场的影响，发现投资者已应用该法规，将资本分配给符合法规的公司，且这种溢价随投资者关注度增强，传统ESG评级无法解释。
This article provides first evidence on the capital market effects of the EU Taxonomy Regulation (TR). The TR introduced a new classification scheme to identify companies with environmentally sustainable economic activities. The results offer support for a significant estimated TR alignment premium, compatible with the interpretation that investors already apply the TR and allocate capital to TR-aligned companies. This effect strengthens with an increase in investor attention. We also find significant cross-sectional variation in abnormal stock returns surrounding the publication date of the TR conditional on the degree of estimated TR alignment. Traditional ESG ratings cannot explain the TR premium.