Crossborder Carbon Taxes and Shareholder Wealth

The authors appreciate helpful comments from Lisa Hillmann, Marcel Olbert, and Ethan Rouen (discussant) as well as seminar participants at the Bayes Business School; China Europe International Business School; Cyprus University of Technology; the 2025 EAA Annual Congress; ESSEC Business School; Frankfurt School of Finance and Management; the Haskayne and Fox Accounting Conference; the New York University Shanghai and New York University Stern Joint Accounting Research Conference; the Sustainability, ESG, and Value Creation Conference; the University of Navarra; the University of Toronto; CUNEF; the RSIT Conference at the University of Tuebingen; and the XIX International Accounting Research Symposium. The authors thank Yang En, Salomé Rigaux, and Malgorzata Winiarska for their excellent research assistance. The authors also acknowledge the support received from the Social Trends Institute.