The Impact of Carbon Neutrality Announcement on Stock Prices: An Empirical Study on the Nordic Countries
The paper aims to examine the effect of companies announcing to become carbon neutral in the Nordic countries on their stock prices. By conducting an event study approach on the four main markets of the Nordics we find that, on average, only the Oslo Stock Exchange reacts positively to these announcements. We show that a less ambitious carbon neutrality target announcement leads to yielding higher