Going green: Market reaction to CSRwire news releases
Tài liệu tham khảo
Akins, 2012, Investor competition over information and the pricing of information asymmetry, The Accounting Review, 87, 35, 10.2308/accr-10157
Armstrong, 2011, When does information asymmetry affect the cost of capital?, Journal of Accounting Research, 49, 1, 10.1111/j.1475-679X.2010.00391.x
Ba, S., Ling, L., Qindong, L., Stallaert, J., forthcoming. Stock market reaction to green vehicle innovation. Production and Operations Management.
Blacconiere, 1997, Environmental information and market reactions to environmental legislation, Journal of Accounting, Auditing & Finance, 12, 149, 10.1177/0148558X9701200203
Blacconiere, 1994, Environmental disclosures, regulatory costs, and changes in firm value, Journal of Accounting & Economics, 18, 357, 10.1016/0165-4101(94)90026-4
Brennan, 1995, Investment analysis and price formation in securities markets, Journal of Financial Economics, 38, 361, 10.1016/0304-405X(94)00811-E
California Air Resources Board (CARB), 2010. California Cap on Greenhouse Gas Emissions and Market-based Compliance Mechanisms. Article 5, Sections 95800–96022, Title 17, California Code of Regulations, also Known as AB 32, December.
Cameron, 2011, Robust inference with multiway clustering, Journal of Business and Economic Statistics, 29, 238, 10.1198/jbes.2010.07136
Carbon Disclosure Project, 2011
Chapple, L., Clarkson, P., Gold, D., forthcoming. The cost of carbon: capital market effects of the proposed emission trading scheme (ETS). Abacus.
Chatterji, 2009, How well do social ratings actually measure corporate social responsibility?, Journal of Economics and Management Strategy, 18, 125, 10.1111/j.1530-9134.2009.00210.x
Chen, L., Srinidhi, B., Tsang, A., Yu, W., 2012. Corporate Social Responsibility, Audit Fees, and Audit Opinions. Working Paper. George Mason University.
Cho, 2007, The role of environmental disclosures as tools of legitimacy: a research note, Accounting, Organizations and Society, 32, 639, 10.1016/j.aos.2006.09.009
Chung, 1995, Production of information, information asymmetry, and the bid-ask spread: empirical evidence from analysts’ forecasts, Journal of Banking and Finance, 19, 1025, 10.1016/0378-4266(94)00068-E
Clarkson, 2004, The market valuation of environmental capital expenditures by pulp and paper companies, The Accounting Review, 79, 329, 10.2308/accr.2004.79.2.329
Clarkson, 2011, Does it really pay to be green? Determinants and consequences of proactive environmental strategies, Journal of Accounting and Public Policy, 30, 122, 10.1016/j.jaccpubpol.2010.09.013
Clarkson, 2011, Environmental reporting and its relation to corporate environmental performance, Abacus, 47, 27, 10.1111/j.1467-6281.2011.00330.x
Coburn, 2011
Cormier, 1997, Investors’ assessment of implicit environmental liabilities: an empirical investigation, Journal of Accounting and Public Policy, 16, 215, 10.1016/S0278-4254(97)00002-1
Dechow, 1996, Causes and consequence of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research, 13, 1, 10.1111/j.1911-3846.1996.tb00489.x
Dhaliwal, 2011, Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting, The Accounting Review, 86, 59, 10.2308/accr.00000005
Diamond, 1991, Disclosure, liquidity, and the cost of capital, The Journal of Finance, 46, 1325, 10.1111/j.1540-6261.1991.tb04620.x
Dye, 1985, Disclosure of nonproprietary information, Journal of Accounting Research, 23, 123, 10.2307/2490910
Eccles, 2011, Market interest in nonfinancial information, Journal of Applied Corporate Finance, 23, 113, 10.1111/j.1745-6622.2011.00357.x
Environmental Protection Agency (EPA), 2009. Mandatory Reporting of Greenhouse Gases. 40 CFR Part 98, Docket ID No. EPA-HQ-OAR-2008-0508-2278. EPA, Washington DC. Effective Date (December 29).
Fama, 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics, 33, 3, 10.1016/0304-405X(93)90023-5
Frankel, 2004, Characteristics of a firm’s information environment and the information asymmetry between insiders and outsiders, Journal of Accounting and Economics, 37, 229, 10.1016/j.jacceco.2003.09.004
Freeman, 1987, The association between accounting earnings and security returns for small and large firms, Journal of Accounting and Economics, 9, 195, 10.1016/0165-4101(87)90005-X
Gray, 1995, Corporate social and environmental reporting: a review of the literature and a longitudinal study of UK disclosure, Accounting, Auditing and Accountability Journal, 8, 47, 10.1108/09513579510146996
Griffin, P., Lont, D., Sun, Y., 2011. The Relevance to Investors of Greenhouse Gas Emission Disclosures. Working Paper. University of California, Davis.
Grossman, 1980, Disclosure laws and takeover bids, The Journal of Finance, 35, 323, 10.1111/j.1540-6261.1980.tb02161.x
Guidry, 2010, Market reactions to the first-time issuance of corporate sustainability reports, Sustainability Accounting, Management and Policy Journal, 1, 33, 10.1108/20408021011059214
Heckman, 1979, Sample selection bias as a specification error, Econometrica, 47, 153, 10.2307/1912352
Hong, 2000, Bad news travels slowly: size, analyst coverage, and the profitability of momentum strategies, The Journal of Finance, 55, 265, 10.1111/0022-1082.00206
Hughes, 2000, The value relevance of nonfinancial measures of air pollution in the electric utility industry, The Accounting Review, 75, 209, 10.2308/accr.2000.75.2.209
Hughes, 2001, Corporate environmental disclosures: are they useful in determining environmental performance?, Journal of Accounting and Public Policy, 20, 217, 10.1016/S0278-4254(01)00031-X
Ingram, 1978, An investigation of the information content of (certain) social responsibility disclosures, Journal of Accounting Research, 16, 270, 10.2307/2490567
Jones, 2007, An empirical examination of the market returns and financial performance of entities engaged in sustainability reporting, Australian Accounting Review, 17, 78, 10.1111/j.1835-2561.2007.tb00456.x
Kim, 2010, Accruals quality, stock returns, and macroeconomic conditions, The Accounting Review, 85, 937, 10.2308/accr.2010.85.3.937
Konar, 2001, Does the market value environmental performance?, Review of Economics and Statistics, 83, 281, 10.1162/00346530151143815
Lambert, 2007, Accounting information, disclosure, and the cost of capital, Journal of Accounting Research, 45, 385, 10.1111/j.1475-679X.2007.00238.x
Lerman, 2010, The new form 8-K disclosures, Review of Accounting Studies, 15, 752, 10.1007/s11142-009-9114-7
Li, 2009, Market reaction surrounding the filing of periodic SEC reports, The Accounting Review, 84, 1171, 10.2308/accr.2009.84.4.1171
Magness, V., 2010. Environmental disclosure in the mining industry: a signaling paradox. In: Freedman, M., Jaggi, B. (Eds.), Sustainability, Environmental Performance and Disclosures, Advances in Environmental Accounting and Management, vol. 4, pp. 55–82.
Margolis, 2003, Misery loves companies: rethinking social initiatives by business, Administrative Science Quarterly, 48, 268, 10.2307/3556659
Matsumura, E., Prakash, R., Vera-Muñoz, S., 2012. Firm-value Effects of Carbon Emissions and Carbon Disclosures. Working Paper. University of Wisconsin.
Mensah, 2003, The long-term payoff from increased corporate disclosures, Journal of Accounting and Public Policy, 22, 107, 10.1016/S0278-4254(03)00005-X
Murray, 2006, Do financial markets care about social and environmental disclosure? Further evidence from the UK, Accounting, Auditing & Accountability Journal, 19, 228, 10.1108/09513570610656105
Patten, 1998, Regulatory effects in a good news environment: the intraindustry reaction to the Alaskan oil Spill, Journal of Accounting and Public Policy, 17, 409, 10.1016/S0278-4254(98)10007-8
Plumlee, M., Brown, D., Hayes, R., Marshall, S., 2012. Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Working Paper. University of Utah (May).
Ullman, 1985, Data in search of a theory: a critical examination of the relationships among social performance, social disclosure, and economic performance of U. S. firms, Academy of Management Review, 10, 540, 10.2307/258135
Verrecchia, 1983, Discretionary disclosure, Journal of Accounting and Economics, 5, 179, 10.1016/0165-4101(83)90011-3
Yee, 2006, Earnings quality and the equity risk premium: a benchmark model, Contemporary Accounting Research, 23, 833, 10.1506/8M44-W1DG-PLG4-8E0M
Yohn, 1998, Information asymmetry around earnings announcements, Review of Quantitative Finance and Accounting, 11, 165, 10.1023/A:1008268201014
Zhang, 2006, Information uncertainty and stock return, The Journal of Finance, 61, 105, 10.1111/j.1540-6261.2006.00831.x