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| Author: | Hughes, K. E. II Reynolds, J. K. |
| Title: | Uncertainty Associated with Future Environmental Costs and the Market's Differential Response to Earnings Information |
| Journal: | Journal of Business Finance and Accounting
2001 : VOL. 28:9-10, p. 1351-1388 |
| Index terms: | UNCERTAINTY ENVIRONMENT EARNINGS |
| Language: | eng |
| Abstract: | This study examines whether the uncertainty arising from a firm's exposure to future environmental costs (environmental uncertainty) affects the market's price sensitivity to reported earnings. Specifically, when environmental uncertainty is significantly high, whether investors are more responsive to reported earnings released by 'high-polluting' firms than reported earnings announced by 'low-polluting' firms within the same industry. The initial impact of Title IV (the acid rain provisions) of the 1990 Glean Air Act Amendments (1990 CAAA) on the US electric utility industry provides the research setting required to isolate the effects of environmental uncertainty while addressing this question. |
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