Bae, Benjamin B.; Elhusseiny, Mahdy F. - In: American Journal of Finance and Accounting 1 (2008) 2, pp. 121-138
This study examines the effect of environmental liabilities on risk assessment by investigating whether the markets consider these liabilities a form of corporate debt in the assessment of the firm's risk. A model developed by Rubinstein (1973) and further expanded and operationalised by...