Toxic Assets: How the Housing Market Responds to Environmental Information Shocks
利用Zillow全国微观数据，研究1998年毒物释放清单报告变更后，美国住房市场如何对新增的本地污染信息做出反应。发现新闻报导降低了大型污染源附近0.5英里内房屋的售价，表明公共信息改变了私人市场行为。
<h3>Abstract</h3> Employing national microdata from Zillow, we examine how United States housing markets respond to expanded information on local pollution stemming from a 1998 reporting change to the Toxics Release Inventory (TRI). Using both a difference-in-differences and a regression discontinuity in time design, we find news coverage of the new TRI data lowered sales prices of homes near the largest reporting polluters, but only within a tight geographic distance. Effects are isolated to homes within 0.5 miles of facilities reporting the largest amount of emissions (>100 tons). This price capitalization implies public information on local polluters shifted private market behavior, suggesting a role for government as provider of information.