Pénzpiacok, pénzügyi eszközök árai, nemzetközi pénzügyek
Pénzügyi modellezés
We test the impact of green communication by the European Central Bank
since a large part of the information from central banks comes from verbal
communication. Developing and using a European Central Bank green sentiment
index, we examine whether the ECB’s green speeches cause a significant divergence
in stock returns depending on how the company performs in terms of emissions
reduction. We find that the green tone of the ECB positively (negatively) affects
the most (least) eco-friendly firms based on their emissions score. It implies
that central banks should communicate about greens topics because it significantly
influences financial decisions.
