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Risk Premiums for Environmental Liability: Does Superfund Increase the Cost of Capital?

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  • Garber, Steven
  • Hammitt, James K.

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  • Garber, Steven & Hammitt, James K., 1998. "Risk Premiums for Environmental Liability: Does Superfund Increase the Cost of Capital?," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 267-294, November.
    • Handle: RePEc:eee:jeeman:v:36:y:1998:i:3:p:267-294
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    2. Hausman, Jerry, 2015. "Specification tests in econometrics," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 38(2), pages 112-134.
    3. Richard K. Harper & Stephen C. Adams, 1996. "Cercla And Deep Pockets: Market Response To The Superfund Program," Contemporary Economic Policy, Western Economic Association International, vol. 14(1), pages 107-115, January.
    4. Jeffrey E. Sohl & William E. Wetzel, 1994. "Small Firms and Superfund: Assessing the Impact," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 3(2), pages 141-157, Spring.
    5. John J. Binder, 1985. "Measuring the Effects of Regulation with Stock Price Data," RAND Journal of Economics, The RAND Corporation, vol. 16(2), pages 167-183, Summer.
    6. Brett Dalton & David Riggs & Bruce Yandle, 1996. "The Political Production of Superfund: Some Financial Market Results," Eastern Economic Journal, Eastern Economic Association, vol. 22(1), pages 75-87, Winter.
    7. T. S. Breusch & A. R. Pagan, 1980. "The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 47(1), pages 239-253.
    8. Chan, K C & Chen, Nai-Fu, 1991. "Structural and Return Characteristics of Small and Large Firms," Journal of Finance, American Finance Association, vol. 46(4), pages 1467-1484, September.
    9. Chan, K. C. & Chen, Nai-fu & Hsieh, David A., 1985. "An exploratory investigation of the firm size effect," Journal of Financial Economics, Elsevier, vol. 14(3), pages 451-471, September.
    10. Barth, Me & Mcnichols, Mf, 1994. "Estimation And Market Valuation Of Environmental Liabilities Relating To Superfund Sites," Journal of Accounting Research, Wiley Blackwell, vol. 32, pages 177-209.
    11. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    12. Shreekant Gupta & George Van Houtven & Maureen Cropper, 1996. "Paying for Permanence: An Economic Analysis of EPA's Cleanup Decisions at Superfund Sites," RAND Journal of Economics, The RAND Corporation, vol. 27(3), pages 563-582, Autumn.
    13. Norton, Seth W, 1985. "Regulation and Systematic Risk: The Case of Electric Utilities," Journal of Law and Economics, University of Chicago Press, vol. 28(3), pages 671-686, October.
    14. W. Kip Viscusi, 1996. "Economic Foundations of the Current Regulatory Reform Efforts," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 119-134, Summer.
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    Cited by:

    1. Kangtao Ye & Ran Zhang, 2011. "Do Lenders Value Corporate Social Responsibility? Evidence from China," Journal of Business Ethics, Springer, vol. 104(2), pages 197-206, December.
    2. Halkos, George & Sepetis, Anastasios, 2007. "Can capital markets respond to environmental policy of firms? Evidence from Greece," Ecological Economics, Elsevier, vol. 63(2-3), pages 578-587, August.
    3. Stephen Finger & Shanti Gamper-Rabindran, 2013. "Testing the effects of self-regulation on industrial accidents," Journal of Regulatory Economics, Springer, vol. 43(2), pages 115-146, April.
    4. Winston Harrington & Richard D. Morgenstern & Peter Nelson, 2000. "On the accuracy of regulatory cost estimates," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 19(2), pages 297-322.
    5. Ng, Anthony C. & Rezaee, Zabihollah, 2015. "Business sustainability performance and cost of equity capital," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 128-149.
    6. Vincent Denommee-Gravel & Kyungho Kim, 2019. "Pipeline Accidents and Incidents, Environmental Consciousness, and Financial Performance in the Canadian Energy Industry," Sustainability, MDPI, vol. 11(12), pages 1-17, June.
    7. Jason Chi‐hin Chan & Richard Welford, 2005. "Assessing corporate environmental risk in China: an evaluation of reporting activities of Hong Kong listed enterprises," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 12(2), pages 88-104, June.
    8. Tesfaye T. Lemma & Ayalew Lulseged & Mohammad Tavakolifar, 2021. "Corporate commitment to climate change action, carbon risk exposure, and a firm's debt financing policy," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3919-3936, December.
    9. Ulph, Alistair & Valentini, Laura, 2000. "Environmental liability and the capital structure of firms," Discussion Paper Series In Economics And Econometrics 0036, Economics Division, School of Social Sciences, University of Southampton.
    10. Anna Alberini & Kathleen Segerson, 2002. "Assessing Voluntary Programs to Improve Environmental Quality," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 157-184, June.
    11. Wu, Xiting & Luo, Le & You, Jiaxing, 2023. "Actions speak louder than words: Environmental law enforcement externalities and access to bank loans," Journal of Banking & Finance, Elsevier, vol. 153(C).
    12. Apergis, Nicholas & Poufinas, Thomas & Antonopoulos, Alexandros, 2022. "ESG scores and cost of debt," Energy Economics, Elsevier, vol. 112(C).
    13. Tesfaye T. Lemma & Martin Feedman & Mthokozisi Mlilo & Jin Dong Park, 2019. "Corporate carbon risk, voluntary disclosure, and cost of capital: South African evidence," Business Strategy and the Environment, Wiley Blackwell, vol. 28(1), pages 111-126, January.
    14. Ulph, Alistair & Valentini, Laura, 2004. "Environmental liability and the capital structure of firms," Resource and Energy Economics, Elsevier, vol. 26(4), pages 393-410, December.
    15. Ulph, Alistair & Valentini, Laura, 2000. "Environmental liability and the capital structure of firms," Discussion Paper Series In Economics And Econometrics 36, Economics Division, School of Social Sciences, University of Southampton.
    16. Zhou, Yankun & Tang, Taijie & Luo, Le, 2023. "Is corporate environmental investment a strategic risk management tool? Evidence from short selling threats," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).

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