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首页> 外文期刊>Environmental & Resource Economics >U.S. Equity Markets and Environmental Policy: The Case of Electric Utility Investor Behavior During the Passage of the Clean Air Act Amendments of 1990
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U.S. Equity Markets and Environmental Policy: The Case of Electric Utility Investor Behavior During the Passage of the Clean Air Act Amendments of 1990

机译：美国股票市场和环境政策：1990年《清洁空气法》修正案通过期间电力公司投资者行为的案例

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We examine electric utility investor reaction surrounding twenty-two milestones associated with the passage of the Clean Air Act Amendments of 1990. Results suggest that investors did not react sharply to the passage of the Amendments. To the extent that statistically significant effects were observed, we interpret the results as more indicative of investor concern over resolution of uncertainty surrounding the political process and resulting provisions than of concern over the expected costs of compliance following passage of the Amendments. We observed little, if any, difference between utilities subject to Phase Ⅰ restrictions and those not subject to Phase Ⅰ. Finally, changes in monthly excess returns appear to have resulted from changes in U.S. interest rates and investor concern over power industry deregulation. We view our results as important because any wealth effects due to environmental regulations represent a real economic cost associated with their implementation. In this sense, we view the results as "good news" for U.S. environmental policy makers.
机译：我们考察了电力公用事业投资者的反应，这些反应与1990年《清洁空气法》修正案的通过相关的22个里程碑。结果表明，投资者对修正案的通过并没有做出强烈反应。就观察到的统计显着影响而言，我们将结果解释为更多地表明投资者对解决政治进程和由此产生的规定所带来的不确定性的担忧，而不是对修正案通过后的合规成本的担忧。我们发现，受到第一阶段限制的公用事业与不受第一阶段限制的公用事业之间几乎没有差异。最后，每月超额收益的变化似乎是由于美国利率变化以及投资者对电力行业放松管制的担忧所致。我们认为我们的结果很重要，因为任何因环境法规而造成的财富效应都代表着与实施相关的实际经济成本。从这个意义上讲，我们将结果视为对美国环境政策制定者的“好消息”。

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