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Department of Finance

Glen Gostlow wins GRASFI Best Paper Award

Our Senior Researcher Glen Gostlow wins the Best Paper Award at GRASFI conference for his paper "Impacts of climate litigation on firm value".

Glen and his co-authors’ paper provides the first robust evidence on the impact of climate litigation against corporations. The authors compile data on 108 climate change lawsuits against US and European-listed corporations from 2005 to 2021. They find that climate litigation filings or unfavourable court decisions reduced firm value by an average of -0.41%. The most significant market responses occurred in cases against major emitters ("Carbon Majors") and cases involving novel legal arguments or new jurisdictions. Filings against non-Carbon Majors showed no statistically significant effect. The study suggests that climate litigation risk should be considered a relevant financial risk for lenders, financial regulators, and governments in a warmer future.

This paper received the 'Best Paper Award' at the Global Research Alliance on Sustainable Finance and Investment conference in August 2023.