.png){kind=icon}
返回
The Pollution Premium
.png){kind=icon}
OA
AI
DOI：10.1111/jofi.13217.png)
.png){kind=icon}
原文求助.png){kind=icon}
分享.png){kind=icon}
收藏
摘要
En 中文
This paper studies the asset pricing implications of industrial pollution. A long-short portfolio constructed from firms with high versus low toxic emission intensity within an industry generates an average annual return of 4.42%, which remains significant after controlling for risk factors. This pollution premium cannot be explained by existing systematic risks, investor preferences, market sentiment, political connections, or corporate governance. We propose and model a new systematic risk related to environmental policy uncertainty. We use the growth in environmental litigation penalties to measure regime change risk and find that it helps price the cross section of emission portfolios' returns.
Keyword:
RESEARCH-AND-DEVELOPMENT
CORPORATE SOCIAL-RESPONSIBILITY
FINANCIAL CONSTRAINTS
CROSS-SECTION
DEVELOPMENT INVESTMENT
POLITICAL UNCERTAINTY
VALUE-RELEVANCE
ASSET PRICES
STOCK
RISK
期刊
IF:
9.5
论文数:
4.0K
被引数:
5.0W
机构
引用论文
Carbamate derived stable precursors for generating chiral azomethine ylids under mild conditions.png)
Tetrahedron
TetrahedronIF0
PREAI
分享收藏分享收藏分享收藏
查看更多内容