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The symbol # indicates academic papers which examine the impact of environmental events on firm’s stock market value, using the event study methodology. These papers are presented in the Online Appendix.

Tietenberg T H 1990 Economic instruments for environmental regulation *Oxford Rev. Econ. Policy* **6** 17–33

Tietenberg T H 1998 Disclosure strategies for pollution control *Environ. Resource Econ.* **11** 587–602

Tietenberg T H and Lewis L 2018 *Environmental and Natural Resource Economics* 11th edn (New York: Routledge)

Tirole J 2006 *The Theory of Corporate Finance* (Princeton, NJ: Princeton University)

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Zerbib O D 2019 The effect of pro-environmental preferences on bond prices: evidence from green bonds *J. Banking Finance* **98** 39–60

Zimmerman M B 1983 The valuation of nuclear power in the post-Three Mile Island era *Energy J.* **4** 15–29

Zingales L 2015 Presidential address: does finance benefit society? *J. Finance* **70** 1327–63