Is There A Green Link A Panel Data Value Event Study Of The Relationship Between Capital Markets And Toxic Releases

Arbeitspapier

This paper attempts to look at the effectiveness of public provision of pollution information in providing incentives for firms to control pollution. This is achieved by examining the effect of release of pollution information on the market value of firms. The paper conducts a value event study using the U.S Environmental Protection Agency's Toxic Release Inventory Program as the basis for its analysis. We conclude that there are significant negative abnormal returns on the day of the release of the pollution information for all the seven releases put together. But, there are no significant negative abnormal returns for each of the seven releases when we incorporate the contemporaneous correlation of the returns and inter-temporal correlation of the estimated abnormal returns. In addition, this negative effect peters away as the length of the event period is extended to include the four days after the release of the information as well.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 1998-18

Classification and Topics

• Classification: Wirtschaft ; Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models ; Renewable Resources and Conservation: Government Policy
• Subject: Environment Pollution ; Event Study ; Panel Data ; Seemingly Unrelated Regressions (SUR) ; Toxic Release Inventory (TRI)

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Ananthanarayanan, Amarnath
• Event: Veröffentlichung
• (who): Rutgers University, Department of Economics
• (where): New Brunswick, NJ
• (when): 1998

Further information

• Handle: http://hdl.handle.net/10419/94258
• Last update: 10.03.2025, 11:44 AM CET