Environmental Policy Uncertainty
构建了一个基于报纸的环境政策不确定性指数，发现其上升会降低环境敏感行业的企业投资，可用于监测政策影响和实证研究。
We construct a newspaper-based measure of environmental policy uncertainty in which increases in the number of articles that mention environment-related keywords and the words “uncertain” and “uncertainty” represent an increase in environmental policy uncertainty. To validate our measure, we provide evidence that it captures major environmental policy events and that an increase in environmental policy uncertainty lowers firm-level investment in industries sensitive to environmental policies. Therefore, we provide a new measure of environmental policy uncertainty that predicts economic indicators consistent with existing theory, can be continuously monitored to inform policymakers and industry leaders of the consequences of the policymaking process, and can be applied in empirical work to examine and account for environmental policy uncertainty.