Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 1, 2020 erstellt
Description:
The world's single largest stockowner, Norway's sovereign wealth fund, makes ESG announcements about the products or conduct of its invested firms. The announcements regard divesting from firms or placing them on a watch-list based on the fund's ethical guidelines. We analyze market reactions to these announcements through the immediate price and trading effects on firms. Our results show robust and significant negative average abnormal return of -0.28% for all firms on the announcement date, with a larger magnitude at -0.52% for firms committing unethical conduct. The return effects are stronger in recent years. We find no effect on trading volume