This research investigates the influence of climate science information released by the Intergovernmental Panel on Climate Change (IPCC) on the European stock market, with a particular emphasis on differentiating the stock price reactions based on sector climate sensitivity and corporate emissions responsibility. Performing an event study on Stoxx Europe 600 constituents, we analyse stock price reactions to the sixth IPCC assessment report published between 2018 and 2023. Results show that climate-sensitive sectors respond more intensely to climate news. We find greater volatility in stock prices for climate-sensitive sectors than in corporate emissions-graded portfolios. Cumulative average abnormal returns range from 26.442% for the alternative energy sector to −6.416% for the construction sector. For the corporate emissions responsibility portfolios, we generally observe negative stock price reactions disregarding firms' level of emissions responsibility. Firms with higher emissions responsibility outperform peers only during the synthesis report release. Our study enriches the literature on stock price reactions to climate science news, which is limited to the analysis of the first five IPCC reports and to sector analyses.

中文翻译：

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股价对政府间气候变化专门委员会气候科学信息的反应：企业和部门排放责任的缓解功能？

本研究调查了政府间气候变化专门委员会（IPCC）发布的气候科学信息对欧洲股市的影响，特别强调根据部门气候敏感性和企业排放责任区分股票价格反应。我们对 Stoxx Europe 600 成分股进行了事件研究，分析了 2018 年至 2023 年期间发布的第六次 IPCC 评估报告的股价反应。结果表明，气候敏感行业对气候新闻的反应更为强烈。我们发现气候敏感行业的股票价格波动性比企业排放分级投资组合的波动性更大。累计平均异常回报率范围从替代能源行业的26.442%到建筑行业的-6.416%。对于企业排放责任投资组合，无论企业的排放责任水平如何，我们通常都会观察到负面的股价反应。具有较高排放责任的公司仅在综合报告发布期间表现优于同行。我们的研究丰富了有关股价对气候科学新闻反应的文献，这些文献仅限于对前五份 IPCC 报告的分析和部门分析。