Toxics Release Information: A Policy Tool For Environmental Protection

摘要

This study examines investor reactions to the repeated public disclosure of environmental information about firms in the chemical industry and the effectiveness of this information as a decentralized mechanism for deterring their pollution. By allowing investors to benchmark the performance of firms, repeated provision of the Toxics Release Inventory led firms to incur statistically significant negativestock market returns during the one-day period follow- ing the disclosure of that information in the years 1990-1994.