An Empirical Study on Stock Price Responses to the Release of the Environmental Management Ranking in Japan
This paper investigates how stock prices respond to the release of the environmental management ranking by using a standard event study methodology. Examining top 30 manufacturing companies in the environmental management ranking published by Nihon Keizai Shimbun (Nikkei newspaper) from 1998 to 2005, we find that stock prices on the whole did not respond significantly to the release of the ranking within a three-day event window. Moreover, stock prices of companies that experienced a downgrade increased significantly, while those that experienced an upgrade decreased significantly.
Volume (Year): 13 (2006)
Issue (Month): 6 ()
|Contact details of provider:|| |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
- Gupta, Shreekant & Goldar, Bishwanath, 2005. "Do stock markets penalize environment-unfriendly behaviour? Evidence from India," Ecological Economics, Elsevier, vol. 52(1), pages 81-95, January.
When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-06m20001. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley)
If references are entirely missing, you can add them using this form.