Abstract
This paper examines the broad impact of climate policy uncertainty (CPU) on stock price synchronicity (SYN) using a newly developed news-based index. Our analysis covers listed firms in China from 2000 to 2022. We find that CPU significantly and negatively affects SYN. This negative relationship is particularly pronounced in high-polluting industries and is more evident after the Paris Agreement. These results remain robust across alternative measures of SYN.
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