S. G. Badrinath and P. J. Bolster, The role of market forces in EPA enforcement activity, Journal of Regulatory Economics, vol.24, issue.1, pp.165-181, 1996.
DOI : 10.1007/BF00133530

W. B. Barrett, A. J. Heuson, and R. W. Kolb, The Effect of Three Mile Island on Utility Bond Risk Premia: A Note, The Journal of Finance, vol.13, issue.1, pp.255-261, 1986.
DOI : 10.1111/j.1540-6261.1986.tb04504.x

V. L. Bernard and J. K. Thomas, Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?, Journal of Accounting Research, vol.27, pp.1-36, 1989.
DOI : 10.2307/2491062

W. G. Blacconiere and D. M. Patten, Environmental disclosures, regulatory costs, and changes in firm value, Journal of Accounting and Economics, vol.18, issue.3, pp.357-377, 1994.
DOI : 10.1016/0165-4101(94)90026-4

S. Borenstein and M. B. Zimmerman, Market incentives for safe commercial airline operation, The American Economic Review, vol.78, issue.5, pp.913-935, 1988.

R. M. Bowen, R. P. Castanias, and L. A. Daley, Intra-Industry Effects of the Accident at Three Mile Island, The Journal of Financial and Quantitative Analysis, vol.18, issue.1, pp.87-111, 1983.
DOI : 10.2307/2330806

M. A. Cohen and V. Santhakumar, Information Disclosure as Environmental Regulation: A Theoretical Analysis, Environmental and Resource Economics, vol.71, issue.2, pp.599-620, 2007.
DOI : 10.1007/s10640-006-9052-9

S. Dasgupta, B. Laplante, and N. Mamingi, Pollution and Capital Markets in Developing Countries, Journal of Environmental Economics and Management, vol.42, issue.3, pp.310-335, 2001.
DOI : 10.1006/jeem.2000.1161

S. Dasgupta, H. J. Hong, B. Laplante, and N. Mamingi, Disclosure of environmental violations and stock market in the Republic of Korea, Ecological Economics, vol.58, issue.4, pp.759-777, 2006.
DOI : 10.1016/j.ecolecon.2005.09.003

M. R. Elliott, Y. Wang, R. A. Lowe, and P. R. Kleindorfer, Environmental justice: frequency and severity of US chemical industry accidents and the socioeconomic status of surrounding communities, Journal of Epidemiology & Community Health, vol.58, issue.1, pp.24-30, 2004.
DOI : 10.1136/jech.58.1.24

E. F. Fama, Market Efficiency, Long-Term Returns, and Behavioral Finance, SSRN Electronic Journal, vol.49, issue.3, pp.283-306, 1998.
DOI : 10.2139/ssrn.15108

A. Fields and V. Janjigian, The effect of Chernobyl on electric-utility stock prices, Journal of Business Research, vol.8, pp.81-88, 1989.

P. K. Freeman and H. Kunreuther, Managing Risk through Insurance, Yearbook of Environmental and Resource Economics, 2007.
DOI : 10.1007/978-94-011-5360-7_4

S. Gupta and B. Goldar, Do stock markets penalize environment-unfriendly behaviour? Evidence from India, Ecological Economics, vol.52, issue.1, pp.81-95, 2005.
DOI : 10.1016/j.ecolecon.2004.06.011

J. T. Hamilton, Pollution as News: Media and Stock Market Reactions to the Toxics Release Inventory Data, Journal of Environmental Economics and Management, vol.28, issue.1, pp.98-103, 1995.
DOI : 10.1006/jeem.1995.1007

J. K. Hammitt, J. B. Wiener, B. Swedlow, D. Kall, and Z. Zhou, Precautionary Regulation in Europe and the United States: A Quantitative Comparison, Precautionary Regulation in Europe and the United States: A Quantitative Comparison, pp.1215-1228, 2005.
DOI : 10.1111/0272-4332.00005

R. K. Harper and S. C. Adams, CERCLA AND DEEP POCKETS: MARKET RESPONSE TO THE SUPERFUND PROGRAM, Contemporary Economic Policy, vol.8, issue.3, pp.107-115, 1996.
DOI : 10.1111/j.1465-7287.1996.tb00607.x

A. F. Herbst, J. F. Marshall, and J. Wingender, An analysis of the stock market's response to the Exxon Valdez disaster, Global Finance Journal, vol.7, issue.1, pp.101-114, 1996.
DOI : 10.1016/S1044-0283(96)90016-2

J. Hill and T. Schneeweis, The Effect of Three Mile Island on Electric Utility Stock Prices: A Note, The Journal of Finance, vol.19, issue.4, pp.1285-1292, 1983.
DOI : 10.1111/j.1540-6261.1983.tb02297.x

K. Jones and P. H. Rubin, Effects of Harmful Environmental Events on Reputations of Firms, SSRN Electronic Journal, vol.6, pp.161-182, 2001.
DOI : 10.2139/ssrn.158849

J. D. Jones, C. L. Jones, and F. Phillips-patrick, Estimating the Costs of the Exxon-Valdez Oil Spill, Research in Law and Economics, vol.16, pp.109-149, 1994.

R. Kalra, G. V. Henderson, and G. A. Raines, Effects of the Chernobyl nuclear accident on utility share prices, Quarterly Joumal of Business and Economics, vol.32, pp.52-78, 1993.

R. Kalra, G. V. Henderson, and G. A. Raines, Contagion Effects in the Chemical Industry following the Bhopal disaster, Journal Of Financial and Strategic Decisions, vol.8, issue.2, pp.1-11, 1995.

J. M. Karpoff, J. R. Jr, . W. Lott-ande, and . Wehrly, The Reputational Penalties for Environmental Violations: Empirical Evidence, The Journal of Law and Economics, vol.48, issue.2, 2005.
DOI : 10.1086/430806

M. Khanna, W. R. Quimio, and D. Bojilova, Toxics Release Information: A Policy Tool for Environmental Protection, Journal of Environmental Economics and Management, vol.36, issue.3, pp.243-266, 1998.
DOI : 10.1006/jeem.1998.1048

R. D. Klassen and C. P. Mclaughlin, The Impact of Environmental Management on Firm Performance, Management Science, vol.42, issue.8, pp.1199-1214, 1996.
DOI : 10.1287/mnsc.42.8.1199

S. Konar and M. A. Cohen, Information As Regulation: The Effect of Community Right to Know Laws on Toxic Emissions, Journal of Environmental Economics and Management, vol.32, issue.1, pp.109-124, 1997.
DOI : 10.1006/jeem.1996.0955

S. Kothari and J. Warner, Econometrics of Event Studies, in Espen Eckbo Handbook of Empirical Corporate Finance, 2006.

P. Lanoie and B. Laplante, The market response to environmental incidents in Canada: a theoretical and empirical analysis, Southern Economic Journal, vol.60, pp.657-72, 1994.

R. , L. Porta, F. Lopez-de-silanes, A. Schleifer, and R. Vishny, Investor Protection and Corporate Valuation, The Journal of Finance, vol.42, issue.3, pp.1147-1170, 2002.
DOI : 10.3386/w7403

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.1026.1632

A. C. Mackinlay, Event Studies in Economics and Finance, Journal of Economic Literature, vol.35, issue.1, pp.13-39, 1997.

I. Mansur, S. J. Cochran, and J. E. Phillips, The Relationship between the Equity Return Levels of Oil Companies and Unanticipated Events: The Case of the Exxon Valdez Incident, Logistics and Transportation Review, vol.38, pp.241-255, 1991.

M. Muoghalu, H. D. Robison, and J. L. Glascock, Hazardous Waste Lawsuits, Stockholder Returns, and Deterrence, Southern Economic Journal, vol.57, issue.2, pp.357-70, 1990.
DOI : 10.2307/1060617

S. M. Rao, The Effect of Published Reports of Environmental Pollution on Stock Prices, Journal of Financial and Strategic Decisions, vol.9, issue.1, pp.25-32, 1996.

M. Salinger, Value Event Studies, The Review of Economics and Statistics, vol.74, issue.4, pp.671-77, 1992.
DOI : 10.2307/2109381

R. E. Spudeck and C. Moyer, A note on the stock market's reaction to the accident at three mile island, Journal of Economics and Business, vol.41, issue.3, pp.235-241, 1989.
DOI : 10.1016/0148-6195(89)90021-0

T. Tietenberg, Disclosure strategies for pollution control, Environmental and Resource Economics, vol.11, issue.3/4, pp.587-602, 1998.
DOI : 10.1023/A:1008291411492

V. P. Viscusi, The value of life in legal contexts: survey and critique, American Law and Economics Association, vol.2, issue.1, pp.195-210, 2000.
DOI : 10.1093/aler/2.1.195

M. Yamashita, S. Sen, and M. C. Roberts, The Rewards for Environmental Conscientiousness in the US Capital Markets, Journal of Financial and Strategic Decisions, vol.12, pp.73-82, 1999.

X. F. Zhang, Information Uncertainty and Stock Returns, The Journal of Finance, vol.32, issue.1, pp.105-137, 2006.
DOI : 10.1111/j.1540-6261.2006.00831.x

. Adj, R-squared (%) 29