Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 3, 2022 erstellt
Beschreibung:
We study investors’ demand for climate-related corporate information around a high-level government announcement regarding the transition to a low-carbon economy, using China’s interactive investor platforms, where investors can submit questions directly to firms. Following the announcement of the national carbon-neutrality target, we document a significant increase in demand for carbon-related information reflected particularly in questions related to opportunities associated with the low-carbon transition. Around the carbon transition announcement, firms receiving more carbon-related investor questions experience higher stock returns, EPS revisions, and idiosyncratic risk. These results are consistent with investors expecting the government’s ESG policies to create growth opportunities as well as risk for affected firms. Further, investors increase their reliance on financial information in determining share demand when facing transition risk, as evidenced by higher earnings response coefficients. Overall, investors perceive risks and rewards in the energy transition, implying a benefit to disclosures about transition opportunities as well as risks