气候变化领域集成服务门户(CCPortal): A Green Wave in Media: A Change of Tack in Stock Markets

CCPortal

DOI	10.1111/obes.12597
	A Green Wave in Media: A Change of Tack in Stock Markets
	Bessec, Marie; Fouquau, Julien
发表日期	2024
ISSN	0305-9049
EISSN	1468-0084
英文摘要	This paper examines the impact of environmental news coverage in US newspapers on stock markets. Using textual analysis with a dictionary-based approach, we obtain several measures of attention, tonality and uncertainty in the coverage of environmental news in major US newspapers. We consider different weighting schemes to account for the visibility and relevance of the text sources, and several sets of newspapers to measure the possible impact of their editorial line. Our results show that greater attention to environmental news in the US media reduced the excess returns of carbon-intensive stocks and increased their volatility over the last decade, especially when the coverage was uncertain. The opposite result holds for the most virtuous green assets. Restricting the corpus of texts to conservative newspapers mitigates the impact of coverage. Overall, our results illustrate how rising environmental concerns lead investors to change their asset allocation.
语种	英语
WOS研究方向	Business & Economics ; Mathematical Methods In Social Sciences ; Mathematics
WOS类目	Economics ; Social Sciences, Mathematical Methods ; Statistics & Probability
WOS记录号	WOS:001143258100001
来源期刊	OXFORD BULLETIN OF ECONOMICS AND STATISTICS
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/291373
作者单位	Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; heSam Universite; ESCP Business School
推荐引用方式 GB/T 7714	Bessec, Marie,Fouquau, Julien. A Green Wave in Media: A Change of Tack in Stock Markets[J],2024.
APA	Bessec, Marie,&Fouquau, Julien.(2024).A Green Wave in Media: A Change of Tack in Stock Markets.OXFORD BULLETIN OF ECONOMICS AND STATISTICS.
MLA	Bessec, Marie,et al."A Green Wave in Media: A Change of Tack in Stock Markets".OXFORD BULLETIN OF ECONOMICS AND STATISTICS (2024).