Mergers and Acquisitions as Navigators of Climate Policy Shocks: Evidence from the NOx Budget Trading Program

• Adra, S.
• Gao, Y.
• Hamadi, M.
• Yuan, J. https://orcid.org/0009-0000-9914-0561

This is an author produced version of an article accepted for publication in Financial Management, made available under the terms of the Creative Commons Attribution License (CC-BY), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited.

• Accepted: 6 October 2025