ABSTRACT

Since 2011, climate activists have advanced divestment campaigns against private fossil fuel corporations that aim to inflict damage on fossil fuel corporations through two channels: stigmatizing them and undermining their financial operations. We focus in this paper on this second purpose, considering the extent to which divestment campaigns have succeeded in inflicting financial damage on fossil fuel corporations. We present descriptive data on the level of divested fossil fuel stocks and bonds as well as econometric analysis of the impact of divestment events on the stock market prices of fossil fuel companies. We find that divestment campaigns have not been successful in inflicting significant economic damage on fossil fuel corporations, even though the movement has been successful in mobilizing public opinion against the fossil fuel corporations.

摘要

自 2011 年以来，气候活动人士发起了针对私营化石燃料公司的撤资运动，旨在通过两个渠道对化石燃料公司造成损害：污名化它们和破坏它们的财务运作。我们在本文中关注第二个目的，考虑撤资活动在多大程度上成功地对化石燃料公司造成财务损失。我们提供了有关剥离的化石燃料股票和债券水平的描述性数据，以及剥离事件对化石燃料公司股票市场价格影响的计量经济学分析。我们发现撤资活动未能成功对化石燃料公司造成重大经济损失，