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Autor:innen: 
Massier, Philipp
Römer, Daniel
Datum: 
2012
Schriftenreihe/Nr.: 
Discussion Paper Series No. 524
Verlag: 
University of Heidelberg, Department of Economics, Heidelberg
Zusammenfassung: 
In this paper, we study the effectiveness of environmental information disclosure as a regulatory instrument. In particular we analyze its impact when environmental regulation is already advanced. Using German stock market data, we are able to identify the impact of the European Pollutant Emission Register (EPER) on the market value of listed firms using a Multivariate Regression Model (MVRM). First, we show that the publication of EPER data leads to negative abnormal returns of the respective listed firms in Germany. Second, we study drivers of these abnormal returns. Here, we find that the firms' individual level of non-carbon emissions can explain the observed changes in market valuation, while carbon dioxide emissions do not seem to be punished by the market. Moreover, we include information on voluntarily provided environmental reports and find that these reports can serve as a substitute to the obligatory register.
Schlagwörter: 
information disclosure
EPER
event study
environmental reports
JEL: 
L51
Q52
G14
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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