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Do EPA Defendants Prefer Republicans? Evidence from the 2000 Election

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Author Info
Paul Hughes
Abstract

The election of George W. Bush as U.S. president in 2000, as measured by the Iowa Electronic Market (IEM), was associated with an increase of 3% in the share price of firms that were being sued by the Environmental Protection Agency (EPA). This is equal to approximately $100 billion of shareholder value. This finding is robust to a number of different specifications, controlling for other litigation, case law, and industry, and is not found in an otherwise similar sample of companies without litigation outstanding. It is suggested that the enforcement of environmental law is dependent on political pressure. (JEL G18, K32, G14) Copyright 2006, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/ei/cbj035
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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 44 (2006)
Issue (Month): 3 (July)
Pages: 579-585
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Handle: RePEc:oup:ecinqu:v:44:y:2006:i:3:p:579-585

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Find related papers by JEL classification:
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies

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This page was last updated on 2009-12-15.

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