The Relevance to Investors of Greenhouse Gas Emission Disclosures
研究发现投资者将企业温室气体排放视为股权价值的负面因素，且自愿披露与未披露企业的估值折扣无差异，表明排放信息通过其他渠道影响股价。
Abstract This study finds that investors price firms' greenhouse gas ( GHG ) emissions as a negative component of equity value, and this valuation discount does not differ between firms that voluntarily disclose to the Carbon Disclosure Project ( CDP ) and nondisclosing firms. We derive the GHG emissions for nondisclosers from an estimation model that incorporates firm characteristics and industry. The finding that investors view CDP amounts and estimates of emissions as equally value‐relevant suggests that equity values reflect GHG information from channels other than the CDP . An event study of investors' response to emission‐related information in firms' 8‐K filings further supports this finding. Economically, our results suggest that, for the median S&P 500 firm, GHG emissions impose a market‐implied equity discount of $79 per ton, representing about one‐half of 1 percent of market capitalization.