Article (Scientific journals)
The capital market impact of Blackrock’s thermal coal divestment announcement
Bassen, Alexander; Kaspereit, Thomas; Buchholz, Daniel
In pressIn Finance Research Letters
Peer reviewed
 

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Keywords :
Divestment; Thermal coal; Event study
Abstract :
[en] This study examines how coal companies were affected by the announcement of thermal coal divestment made by Blackrock, a large institutional asset manager. Following the announcement, the largest thermal coal mining companies exhibited negative abnormal returns. However, the stock prices of other firms were not affected. Blackrock’s own share price increased following the announcement. We provide additional evidence that Blackrock protected its clients by lowering its exposure towards affected companies before the announcement. Overall, our results show that divestment has significant impacts on the companies in question and that the capital market sees divestment as value-enhancing for the divesting institution.
Disciplines :
Finance
Author, co-author :
Bassen, Alexander
Kaspereit, Thomas ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Economics and Management (DEM)
Buchholz, Daniel ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)
External co-authors :
yes
Language :
English
Title :
The capital market impact of Blackrock’s thermal coal divestment announcement
Publication date :
In press
Journal title :
Finance Research Letters
ISSN :
1544-6131
Publisher :
Elsevier, Amsterdam, Netherlands
Peer reviewed :
Peer reviewed
Focus Area :
Sustainable Development
Available on ORBilu :
since 06 December 2020

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