The market reaction to capital expenditure announcements is studied in the backdrop of Jensen's (1986) free cash flow hypothesis. Initial results confirm McConnell and Muscarella's (1985) original findings suggesting that announcement-period returns follow in sign announced changes in capital...

We address the relation between interest group characteristics and industry environmental performance. Using data on industrial activities from 2097 US counties, we show that there is an inverse relationship between variables proxying for pressures associated with varying levels of county...