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首页> 外文期刊>The North American journal of economics and finance >The effects of the fossil fuel divestment campaign on stock returns
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The effects of the fossil fuel divestment campaign on stock returns

机译：化石燃料剥离运动对股票回报的影响

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Recent campaigns by environmental activists have placed pressure on institutional investors to divest holdings of oil, coal and other fossil fuel industry stocks. A substantial literature has emerged to evaluate the effects of this divestment campaign on stock returns. Findings have been mixed, with some studies identifying above-market returns to socially responsible investing and others documenting a premium on the targeted stocks. We calculate the rate of return for a fossil fuel-free portfolio and compare it to the return for the Standard & Poor's 500 index. We also compare a portfolio consisting only of fossil-fuel oriented stocks with the S&P 500. Over various sample periods ranging from January 4, 2010 to June 29, 2018, the low-carbon portfolio typically earns a slightly higher rate of return than the overall market, due to the poor performance of the fossil fuel industry. These findings suggest that in the case of fossil fuels divestment, given the timeline of the movement, socially responsible investing has not been costly in terms of forgoing market returns.
机译：环境活动家最近的竞选人员对机构投资者的压力置于剥离石油，煤炭和其他化石燃料行业股票的持股。有一个大量的文学已经出现了评估此职业活动对股票回报的影响。调查结果已被混合，一些研究识别上上方的市场回报，以对社会负责投资和其他记录目标股票的溢价。我们计算无燃料无燃料组合的返回率，并将其与标准差距500指数的回报进行比较。我们还比较只有化石燃料导向股的投资组合，只有标准普尔500指数。在2010年1月4日至2018年6月29日的各种样品期间，低碳产品组合通常占据略高的回报率略高于整体市场，由于化石燃料行业的表现不佳。这些调查结果表明，在化石燃料剥夺的情况下，鉴于该运动的时间表，在上面的市场回报方面，社会责任的投资尚未昂贵。

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