Conference Programme
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available). Note that the schedule is subject to changes.
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Daily Overview |
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Parallel Session 01: Climate Policies & Capital Market Location: Seminar Room 6 (Level 2) Session Chair: Hao Liang, Singapore Management University | |
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Carbon Emissions Trading and Stock Price Informativeness: The International Evidence The Hong Kong Polytechnic University, Hong Kong S.A.R. (China) This paper shows that emissions trading systems (ETSs) globally enhance stock price informativeness at the firm level. ETS is particularly beneficial for firms where carbon-related information is financially material, earnings and returns are uncertain, and investors focus on carbon data. Our findings suggest that ETS reduces the cost of integrating carbon-related information by providing a transparent, market-based benchmark for carbon-related costs that are highly relevant for earnings forecasts. This leads to better-informed trading decisions and more accurate market prices. Correspondingly, analysts offer more precise and frequent earnings forecasts and are more likely to follow these firms after ETS implementation. | |