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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:BOFIT Seminar - Mengjie Shi (Deutsche Bundesbank and Goethe University) - The Impact of Climate Policies on Financial Markets: Evidence from the EU Carbon Border Adjustment Mechanism Co-authors: Christoph Meinerding (Deutsche Bundesbank) and Yupu Zhang (University of Edinburgh) Abstract The introduction of the EU Carbon Border Adjustment Mechanism (CBAM) has triggered statistically significant negative stock market responses for firms within the EU. Comparing EU customers that have non-EU suppliers in CBAM-affected industries with their nontreated peers in the control group, we find an extra cumulative abnormal return of up to -1.3 percentage points over our main five-day event window around December 13, 2022. Furthermore, we document substantial anticipatory market responses reflecting updated beliefs about broader climate policy developments going forward. This paper is the first to provide empirical evidence of carbon border tax impacts on firm valuations through international supply chains. Our findings contribute to the understanding of climate policy transmission through international trade networks and inform the debate on stranded assets resulting from environmental regulations. =0D=0A Online BOFIT seminars are open to all researchers interested in the subjects covered. The seminar will be recorded and the recording will be shared only with registered participants. Those wishing to attend a seminar are kindly asked to register in advance, by filling in  the Online Registration Form. =0D=0A The registration for the seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20250916T083000Z
DTSTAMP:20250822T111514Z
DTSTART:20250916T073000Z
LOCATION:MS Teams
SUMMARY:Mengjie Shi (Deutsche Bundesbank and Goethe University) - The Impact of Climate Policies on Financial Markets: Evidence from the EU Carbon Border Adjustment Mechanism
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