文章基本信息

标题：On the Obligation to Provide Environmental Information in the 21st Century – Empirical Evidence from Germany
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作者：Philipp Massier ; Daniel Römer
期刊名称：Discussion Paper Series / Universität Heidelberg, Department of Economics
出版年度：2012
卷号：2012
出版社：Universität Heidelberg, Department of Economics
摘要：In this paper, we study the eectiveness of environmental informationdisclosure as a regulatory instrument. In particular we analyze its impactwhen environmental regulation is already advanced. Using German stockmarket data, we are able to identify the impact of the European PollutantEmission Register (EPER) on the market value of listed rms using a Mul-tivariate Regression Model (MVRM). First, we show that the publication ofEPER data leads to negative abnormal returns of the respective listed rmsin Germany. Second, we study drivers of these abnormal returns. Here, wend that the rms' individual level of non-carbon emissions can explain theobserved changes in market valuation, while carbon dioxide emissions do notseem to be punished by the market. Moreover, we include information onvoluntarily provided environmental reports and nd that these reports canserve as a substitute to the obligatory register
关键词：information disclosure; EPER; event study; environmental;reports