The rise and demise of the Net-Zero Banking Alliance: Did the markets care?
研究净零银行业联盟成立和瓦解时股市的反应，发现创始成员加入时股价平均下跌2%，后续加入和退出无显著影响，说明投资者认为早期承诺可信但成本高。
This paper examines financial market reactions to the rise and collapse of the Net-Zero Banking Alliance, a major voluntary climate initiative launched in April 2021. Using an event study, we find that only founding members experienced significant negative stock price reactions, with average declines of 2% upon joining, suggesting investors viewed the commitments as credible but costly. Later signings and exits had no significant effect, reflecting declining credibility as the alliance weakened its governance amid political pressure and member departures. These findings underscore the role of institutional context and internal governance in shaping market responses to voluntary environmental commitments in banking.