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Is There a Market Payoff for Being Green at the Lima Stock Exchange?

  • Samuel Mongrut

    ()

    (Departamento de Economía, Universidad del Pacífico)

  • Jesús Tong

    ()

    (Departamento de Economía, Universidad del Pacífico)

Registered author(s):

    En contraste con la abundante investigación en mercados desarrollados, existe escasa evidencia empírica sobre la relación entre el desempeño económico y el desempeño medioambiental de empresas en mercados de capitales emergentes. En este trabajo se muestra evidencia de tal relación para un cojunto de 10 acciones correspondientes a 10 empresas que cotizan en la Bolsa de Valores de Lima. Estas acciones generan rendimientos anormales promedio acumulados que van de 0.7% hasta 1.27% para un día antes y un día después del anuncio de una certificación ISO 14001 por parte de la empresa dependiendo del modelo utilizado para generar los rendimientos anormales. A pesar de que la baja magnitud del rendimiento anormal positivo indica que los aspectos medioambientales todavía tienen poca importancia para los inversionistas en la Bolsa de Valores de Lima, las empresas en el Perú tienen un incentivo adicional para ser cada día más verdes.

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    File URL: http://www.up.edu.pe/ciup/SiteAssets/Lists/JER_Jerarquia/EditForm/20060907162052_DD06_02.pdf
    File Function: First Version, 2006
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    Paper provided by Departamento de Economía, Universidad del Pacífico in its series Working Papers with number 06-02.

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    Length: 34 pages
    Date of creation: Nov 2005
    Date of revision: Jan 2006
    Handle: RePEc:pai:wpaper:06-02
    Contact details of provider: Web page: http://www.up.edu.pe/

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