Green acquisitions
研究发现收购方在宣布收购后，其累计异常回报随目标公司“绿色程度”提高而增加，且在2015年巴黎协定后及首次收购绿色目标时更显著。
Prior research suggests that investors value green firms at a premium. We add to this line of research and show that the acquirer’s cumulative abnormal return after the announcement of an acquisition is increasing in the “greenness” of the target. We find tentative evidence suggesting that this pattern is more pronounced after the 2015 Paris agreement, and is more pronounced for the first acquisition of a green target by the same acquirer.