1 College of Materials Science and Engineering, Nanjing Forestry University, 159 6 Longpan Road, Nanjing, Jiangsu, China 210037. 7 2 Faculty of Forestry and Environmental Management, University of New 8 Brunswick, 28 Dineen Drive, Fredericton, New Brunswick, Canada E3B 5A3. 9 * Corresponding author: [email protected] 10 Received: July 08, 2017 11 Accepted: March 02, 2018 12 Posted online: March 06...

Article history: Available online 11 June 2014

A growing body of research points to the fact that capital markets react to environmental news and thus create incentives for pollution control in both developed and emerging market economies. In this paper we conduct an event study to examine the impact of environmental rating of large pulp and paper, auto and chlor alkali firms on their stock prices. We find that the market generally penalize...