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abnormal returns affected more significantly analyze announcements of lawsuits Argentina bad environmental performance BC's lists benefits of pollution British Columbia c,P c,P c,PP Canada capital markets react CAPM changes in market collective information communities and markets create incentives developing countries economic benefit emissions enterprise environmental regulations event window expectations regarding firms appearing given list impact on expectations imposed by regulators incentives for pollution individual information Indonesia industry invest in pollution investigate how investors Lanoie and Laplante lists of polluters March 1997 March market value monitoring and enforcement Ngaine non-compliance October 13 Philippines Policy Research Department polluter's environmental performance polluters are affected pollution abatement pollution control reaction of investors regarding the environmental regulators and courts Regulators have recently release of information revenues second list stat sample Statistically significant strategy to release strong enforcement actions Table 3b Toxics Release Inventory tstat tstat undertake strong enforcement USEPA violators World Bank