Donald Trump’s 2016 election and his nomination of climate skeptic Scott Pruitt to head the Environmental Protection Agency drastically downshifted expectations about U.S. policy toward climate change. Joseph Biden’s 2020 election shifted them dramatically upward. We study firms’ stock-price movements in reaction to these changes. As expected, the 2016 election boosted carbon-intensive firms. Surprisingly, firms with climate-responsible strategies also gained, especially those firms held by long-run investors. Such investors appear to have bet on a “boomerang” in climate policy. Harbingers of a boomerang appeared during Trump’s term. The 2020 election marked its arrival. (JEL G14, G38, G41)

中文翻译：

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投资者对气候责任的回报：股价对 2016 年和 2020 年美国大选相反冲击的反应

唐纳德特朗普 2016 年的选举以及他提名气候怀疑论者斯科特普鲁伊特担任环境保护署的负责人，大大降低了人们对美国气候变化政策的预期。约瑟夫拜登的 2020 年大选使他们急剧上升。我们研究了公司股价对这些变化的反应。正如预期的那样，2016 年的选举提振了碳密集型公司。令人惊讶的是，具有气候责任战略的公司也获得了收益，尤其是那些长期投资者持有的公司。这些投资者似乎押注于气候政策中的“回旋镖”。回旋镖的先兆出现在特朗普的任期内。2020年的选举标志着它的到来。(杰尔 G14, G38, G41)