Biktimirov, Ernest N.Afego, Pyemo N.2022-07-272022-06Biktimirov, E.N. & Afego, P.N. 2022, 'Does investors’ valuation of corporate environmental activities vary between developed and emerging market firms?', Finance Research Letters, vol. 47, part A, art. 102528, pp. 1-9, doi : 10.1016/j.frl.2021.102528.1544-6123 (print)1544-6131 (online)10.1016/j.frl.2021.102528https://repository.up.ac.za/handle/2263/86474We compare the market reactions of developed and emerging market firms to reconstitutions of the FTSE Environmental Opportunities (FTSE EO) index. Our primary finding is that developed market firms that were added to or deleted from the FTSE EO experience significant increases in stock prices and trading volumes even after controlling for institutional ownership and size effects. In contrast, emerging market firms experience declines in both stock prices and trading volumes.en© 2021 Elsevier Inc. All rights reserved. Notice : this is the author’s version of a work that was accepted for publication in Finance Research Letters. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. A definitive version was subsequently published in Finance Research Letters, vol. 47, part A, art. 102528, pp. 1-9, 2022, doi : 10.1016/j.frl.2021.102528.Environmental sustainabilityFTSE environmental opportunities (FTSE EO)Event studyAbnormal returnsTrading volumeInstitutional ownershipFinancial Times Stock Exchange Group (FTSE)Postprint Article