Bosch, J.C.; Eckard, E. Woodrow; Lee, Insup - In: Managerial and Decision Economics 19 (1998) 3, pp. 167-177
We investigate the effect of EPA pollution control enforcement activities and firm response strategies on stockholders' wealth. We find that the market reacts negatively upon learning that the firm has been targeted, and that losing a contest with the EPA is very costly to stockholders....