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The Political Production of Superfund: Some Financial Market Results

Author

Listed:
  • Brett Dalton

    (Clemson University)

  • David Riggs

    (Clemson University
    Tarleton State University)

  • Bruce Yandle

    (Clemson University
    PERC)

Abstract

In this article, we assess the prospective effects of different legislative packages by examining how financial markets reacted to alternate proposals and the final law. The use of financial markets analysis provides at least one avenue for identifying interest groups that won and lost as the major features of proposed legislation were modified. The analysis indirectly determines who pays for Superfund. Significant shareholder losses indicate shareholders pay. By contrast, the absence of wealth effects implies that consumers pay in the form of higher prices for chemical and other affected products.

Suggested Citation

  • Brett Dalton & David Riggs & Bruce Yandle, 1996. "The Political Production of Superfund: Some Financial Market Results," Eastern Economic Journal, Eastern Economic Association, vol. 22(1), pages 75-87, Winter.
  • Handle: RePEc:eej:eeconj:v:22:y:1996:i:1:p:75-87
    as

    Download full text from publisher

    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume22/V22N1P75_87.pdf
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    References listed on IDEAS

    as
    1. Wendy Naysnerski & Tom Tietenberg, 1992. "Private Enforcement of Federal Environmental Law," Land Economics, University of Wisconsin Press, vol. 68(1), pages 28-48.
    2. Douglas W. McNeil & Andrew W. Foshee & Clark R. Burbee, 1988. "Superfund Taxes and Expenditures: Regional Redistributions," The Review of Regional Studies, Southern Regional Science Association, vol. 18(1), pages 4-9, Winter.
    3. Schwert, G William, 1981. "Using Financial Data to Measure Effects of Regulation," Journal of Law and Economics, University of Chicago Press, vol. 24(1), pages 121-158, April.
    4. Maloney, Michael T & McCormick, Robert E, 1982. "A Positive Theory of Environmental Quality Regulation," Journal of Law and Economics, University of Chicago Press, vol. 25(1), pages 99-123, April.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Garber, Steven & Hammitt, James K., 1998. "Risk Premiums for Environmental Liability: Does Superfund Increase the Cost of Capital?," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 267-294, November.

    More about this item

    Keywords

    Effective Demand;

    JEL classification:

    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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