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Cited by 658

The DOI matches its Crossref record; 117 of the 117 references it cites were found in a registry or an index.

The Pollution Premium

Open access
HSU, PO‐HSUAN, LI, KAI, TSOU, CHI‐YANG·2023·The Journal of Finance
DOI 10.1111/jofi.13217
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Abstract

This paper studies the asset pricing implications of industrial pollution. A long‐short portfolio constructed from firms with high versus low toxic emission intensity within an industry generates an average annual return of 4.42%, which remains significant after controlling for risk factors. This pollution premium cannot be explained by existing systematic risks, investor preferences, market sentiment, political connections, or corporate governance. We propose and model a new systematic risk related to environmental policy uncertainty. We use the growth in environmental litigation penalties to measure regime change risk and find that it helps price the cross section of emission portfolios' returns.

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Registry

Crossref · 10.1111/jofi.13217

Cites

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Metadata

Authors
HSU, P., LI, K., & TSOU, C.
Venue
The Journal of Finance
Publisher
Wiley
Published
2023-04-10
Volume
78
Issue
3
Pages
1343-1392
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.13217
OpenAlex
W4322490023
Cited by
658
References
117
FWCI
33.36
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Pollution Premium. https://app.cochat.ai/papers/10.1111/jofi.13217
The paper
HSU, P., LI, K., & TSOU, C. (2023). The Pollution Premium. The Journal of Finance. https://doi.org/10.1111/jofi.13217

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.