Stock market reactions to information disclosure: new evidence from Japan’s pollutant release and transfer register

2007 ◽  
Vol 8 (2) ◽  
pp. 159-171 ◽  
Author(s):  
Paul J. Ferraro ◽  
Toshihiro Uchida
Keyword(s):  
Stock Market ◽  
Information Disclosure ◽  
Market Reactions ◽  
Stock Market Reactions ◽  
New Evidence

scholarly journals Stock Market Reactions to Pollution Information Disclosure: New Evidence from the Pollution Blacklist Program in China

2021 ◽  
Vol 13 (4) ◽  
pp. 2262
Author(s):  
Yalin Zhou ◽  
Jing Cao ◽  
Yujia Feng
Keyword(s):  
Stock Market ◽  
Information Disclosure ◽  
Abnormal Returns ◽  
Market Reactions ◽  
Cumulative Abnormal Returns ◽  
Green Finance ◽  
Stock Market Performance ◽  
Negative Effect ◽  
Stock Market Reactions ◽  
Polluting Firms

Public disclosure of environmental information has been widely used as an important instrument in green finance. In this paper, we examine a blacklist program of polluting firms and conduct an event study to evaluate how the stock market responds to the pollution news. Our results show that the pollution disclosure indeed had a significant negative effect on the stock market performance of listed companies on the blacklists, but only when the overall market was under downward shocks, suggesting that the shareholders were more sensitive to the pollution news in bad times. When the stock market performed well or was relatively stable, the blacklist effects were not evident. Our heterogeneity analyses further revealed that the magnitude of the cumulative abnormal returns depended on the firm size. That is, the larger the firms are, the less they suffer from the pollution news release. Our findings show that pollution disclosure does penalize the polluting firms through stock market response mechanisms.

COVID-19: Stock Market Reactions to the Shock and the Stimulus

2020 ◽  
Author(s):  
Maretno Agus Harjoto ◽  
Fabrizio Rossi ◽  
John Paglia
Keyword(s):  
Stock Market ◽  
Market Reactions ◽  
Stock Market Reactions

scholarly journals Geographic Scope and Real Estate Firm Performance during the COVID-19 Pandemic

2021 ◽  
Vol 14 (7) ◽  
pp. 309
Author(s):  
Xiaoling Chu ◽  
Chiuling Lu ◽  
Desmond Tsang
Keyword(s):  
Firm Performance ◽  
Real Estate ◽  
Stock Market ◽  
Adverse Impact ◽  
Corporate Diversification ◽  
Market Reactions ◽  
Geographic Scope ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Stock Market Reactions

This study examines the effect of geographic scope in mitigating the adverse impact of the COVID-19 pandemic in the real estate sector. Utilizing the Chinese setting over the two-month period in 2020 from the beginning of the outbreak to the successful containment of the spread of virus, we show that while the pandemic has negatively impacted real estate firm returns, firms with broader geographic scope and more geographically diversified property allocations have managed to better endure the crisis. We further find that firms with higher leverage report lower returns during the pandemic irrespective of their geographic scope, but larger firms can lessen the adverse impact of the pandemic only if they have adopted a more diversified strategy. Overall, our study provides novel evidence on the benefit of diversification by demonstrating the importance of geographic scope and diversification at times of crises. Specifically, we show corporate diversification could be especially useful to mitigate the negative stock market reactions resulting from the pandemic. Moreover, diversification could even become essential for larger firms that are expected by the market to be more diversified.

ESG Rating Events and Stock Market Reactions

2021 ◽  
Author(s):  
Maximilian Glück ◽  
Benjamin Hübel ◽  
Hendrik Scholz
Keyword(s):  
Stock Market ◽  
Market Reactions ◽  
Stock Market Reactions
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