管理气候变化风险：海平面上升与并购

IF 0.9 Q3 BUSINESS, FINANCE

Quarterly Journal of Finance Pub Date : 2024-04-27 DOI:10.1142/s201013922450006x

John Bai, Yongqiang Chu, Chen Shen, Chi Wan

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引用次数: 0

摘要

通过使用 1986 年至 2017 年期间的大量样本，我们发现海平面上升（SLR）导致的气候变化风险敞口较高的公司倾向于收购不太可能受到 SLR 直接影响的公司。我们发现，海平面上升风险较高的收购方在公告期的异常股票回报率明显更高。使用并购失败作为外生冲击进行的分析表明，并购后分析师的预测变得更加准确，与环境相关的ESG评分以及整体ESG评分都有所提高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Managing Climate Change Risks: Sea-Level Rise and Mergers and Acquisitions

Using a large sample over the period 1986 to 2017, we show that companies with higher exposure to climate change risk induced by sea-level rise (SLR) tend to acquire firms that are unlikely to be directly affected by SLR. We find that acquirers with higher SLR exposure experience significantly higher announcement-period abnormal stock returns. Analyses using failed merger bids as an exogenous shock show that post-merger, analyst forecasts become more accurate and environmental-related as well as overall ESG scores improve.

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来源期刊

Quarterly Journal of Finance BUSINESS, FINANCE-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.