Uncertainty Associated with Future Environmental Costs and the Market's Differential Response to Earnings Information

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, are investors 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 Clean 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. Consistent with theoretical predictions, we find that the earnings response coefficients (ERCs) of high-polluting electric utilities are significantly greater than those of their low-polluting counterparts during a predicted period of elevated environmental uncertainty. In adjoining sample years associated with lower environmental uncertainty, we observe no statistical difference in the magnitude of the ERCs between these two groups. In addition, the study's findings suggest that the magnitude of the ERC is increasing in the firm's exposure to future environmental costs, after controlling for other factors that potentially affect ERCs.     

Bank Monitoring and Environmental Risk

Abstract:  Loan announcement effects for 152 Canadian companies are examined to investigate the efficiency of monitoring by banks facing lender environmental liability. Market reaction to the announcement of bank debt to 'environmental' firms is more positive and significant than for 'non-environmental' firms and, for firms in industries with a higher likelihood of experiencing spill events, is more positive and significant, reinforcing earlier results that establish a relationship between specific loan/borrower characteristics and announcement period excess returns and providing further evidence on the 'uniqueness' of bank loans by demonstrating the superior ability of banks to monitor corporate borrowers exposed to environmental liability.     

Environmental protection versus economic growth

This paper presents and analyses the differences in the eco-models implemented worldwide （such as whether and how carbon taxes being ＂recycled＂）, or in their efficiency parameters （inconsistent parameter values that account for different results）. This is the assumption that a real tradeoff exists between the production of environmental goods. The present article empirically proves that something must be given up in order to gain something else, and once equations are specified to trace out the path of the economy over time, the natural economic formulation of such equations will embody the notion of economic and bio-tradeoffs.     

对环境税的经济学分析

随着我国经济的加速发展,环境问题越来越成为人们普遍关心的问题,成为影响经济进一步发展的制约因素。通过对环境税的经济学分析可以看出其较强的可行性和操作性。利用环境税矫正外部经济,从而达到运用税收手段保护环境的目的,是十分必要的。     

我国现行环境政策调整与出口产品“环境竞争力”的提升

加入WTO后,我国要在该组织框架下接受贸易自由化与环境保护两股潮流的双重挑战,应对发达国家层出不穷的绿色贸易壁垒。如何合理调整国内现行的一些与WTO规则相矛盾的环境政策,提升出口产品的环境竞争力,促进我国经济与社会的可持续发展,将是我国加入WTO后急需解决的新问题。本文在对环境竞争力概念进行分析的基础上,界定了影响环境竞争力的主要因素。从国际、国内两个方面论述了当前我国环境政策所面临的挑战,及其调整方向。进而,提出今后提高我国出口产品环境竞争力的对策建议。     

河北省公众环境意识现状调查

根据河北省人口分布状况,采用科学的随机抽样方法（ＰＰＳ——与规模成比例的概率抽样）,抽取了７个县（区）的２８个行政村（街道办事处）的６８３ 个样本,对河北省公众环境意识进行了调查。论文概括了河北省公众对环境问题的认识程度和对国内目前所面临的环境问题的看法。     

沿河造纸企业环境责任实现机制研究

沿河造纸企业负有环境责任。这种环境责任治理机制由约束机制、激励机制和联合治理机制组成环境责任的实现机制。三种机制相互配合,最终在企业文化中形成环保思维,使企业从消极被动的环保行为变为积极主动的环保行为。     

古希腊建筑装饰艺术在现代人居环境中的应用

古希腊艺术代表着人类童年时期的优秀成果,其永久魅力与其未成熟的社会条件密切相关。为了更好地揭示、诠释、汲取古希腊艺术的真谛,创造更美的现代人的生活乐园,文章从装饰题材,多元性材料技术、艺术风格三个方面,探究了古希腊建筑装饰艺术及其在现代人居环境中的应用。     

烷基酚聚氧乙烯醚应用在纺织品中对环境的影响

列举了APEO在纺织品中的一些应用和检测纺织品中其含量的检测方法。阐述了应用在纺织品中的APEO对环境的影响,并提出一些应对及补救措施。     

中国经济增长与环境污染之间关系的理论解释与贝叶斯回归分析

环境污染在两个方面改变了经济增长模型,一方面它是产出的联合产品,另一方面它给消费者带来负效用。我们分析了以下几个问题：环境保护与经济增长是否相容;长期来看无污染积累的可持续增长是否可能;环境对经济增长的影响;如果引入环境因素,我们关注的关键变量如：收入、消费、资本以及环境污染的最优路径如何变化,据此可以推出哪些可驳斥的推断;观测数据与环境库茨涅茨曲线的理论推断特征是否相符。文章根据标准的经济学理论基础假设构建了一个理论模型,在设定了偏好、技术、禀赋、信息后,求出动态一般均衡解路径。使用环境污染的观测数据,附加关键参数的先验分布,运用贝叶斯推断求出参数的后验分布对理论模型的推断进行验证。文章的主要贡献是对环境库茨涅茨曲线采用了不同于传统回归分析的贝叶斯回归技术,并得出了有意义的分析结果。