Stock market reactions to environmental disclosures: new evidence from China

被引：13
|
作者：
Zhou, Hui [1 ]
Yin, Haitao [1 ]
机构：
[1] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, 1954 Huashan Rd, Shanghai 200030, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2018年 / 25卷 / 13期
基金：
中国国家自然科学基金;
关键词：
Stock market; unfavourable environmental news; multiple disclosures; stock prices; China; INFORMATION; EVENT;
D O I：
10.1080/13504851.2017.1383590
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study how the stock market in China responds to announcements by an environmental risk index and find that China's stock market penalizes firms associated with unfavourable environmental news if the information is provided directly to investors in a manner that is easily understood. We also find that the negative impact on stock prices fades after multiple disclosures of the same information.
引用
收藏
页码：910 / 913
页数：4
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