Template-Type: ReDIF-Article 1.0
Author-Name:  Imane El Ouadghiri, Mathieu Gomes, Jonathan Peillex, and Guillaume Pijourlet
Title:  Investor Attention to Fossil Fuel Divestment Movement and Stock Returns
Classification-JEL: F0
Volume:  Volume 43
Issue:  Number 6
Year:  2022
Abstract:  This study investigates whether the investor attention to the fossil fuel divestment (FFD) movement is related to the stock returns on firms involved in extracting fossil fuels. Three complementary indicators of investor attention to the FFD movement are considered: (1) the U.S. weekly Google Search Volume Index on the topic "fossil fuel divestment," (2) the U.S. weekly media coverage of fossil fuel divestment, and (3) the number of weekly visits to the "fossil fuel divestment" page on Wikipedia. Based on a sample of weekly returns on 1,850 U.S. firms over the period 20122020, our econometric estimations report a positive relationship between investor attention to FFD and excess stock returns for U.S. fossil fuelrelated firms. Therefore, contrary to what the FFD campaigners might expect, the stigmatization of the fossil fuel industry does not drive down the stock returns on fossil fuelrelated firms. 
Handle: RePEc:aen:journl:ej43-6-Peillex
File-URL: http://www.iaee.org/en/publications/ejarticle.aspx?id=3910
File-Format: text/html
File-Restriction: Access to full text is restricted to IAEE members and subscribers.