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We provide a synthesis of four decades of empirical research regarding the reaction of shareholders to environmental events. This literature is at the crossroads of finance, environmental economics, management and corporate social responsibility (CSR). To set the stage, we first provide an account of the Brumadinho ecological disaster that occurred in Brazil in January 2019. Second, we provide a critical review of more than one hundred event studies. These papers cover a diverse set of events, such as industrial accidents, public disclosure programs, legal actions following environmental violations, changes in environmental regulation, environmental news, or corporate initiatives. This review makes four contributions. First is the synthesis of a large strand of literature in a structured setting, so as to be readily handled by both experts and non-experts. Second is the observation that stock market penalties in the event of environmental concerns are likely to be quite low: on average there is a (temporary) drop in the excess stock market return of about 2%. Third is to highlight the limits of corporate social responsibility as a business strategy towards a sustainable society. Fourth is to provide an open access bibliographic database.
Local: O seminário realizar-se-á na sala -1.26,da Escola de Economia e Gestão, e online.
Devido às restrições provocadas pela pandemia Covid-19, existem apenas 17 lugares disponíveis na sala. Neste sentido, deverá proceder à inscrição até 8 de setembro às 10h00. Envie um e-mail para email@example.com.
Para assistir via Zoom: https://videoconf-colibri.zoom.us/j/82167662099