Event Studies: The Effect of Leaders’ Summit on Electric Vehicle and Clean Power Market

Abstract

The leaders' climate summit was held in 2021 at a time of growing concern about global warming. This paper collected the S&P 500 Kensho Electric Vehicle Index and S&P 500 Kensho Clean Power Index within 255 days, and the event research method was adopted. Explores and compares electric vehicles and clean energy on the U.S. stock market during the climate summit. Through the visualization of empirical results, at a 95% confidence level, we found that the area beyond the confidence interval was minimal, which was not enough to indicate that this event had a significant impact on these two parts. Therefore, further research is still needed, especially during which environmentally friendly policies become essential, and lots of those kinds of policies appear among different countries.