Environmental Finance
Resource List

Educational Tools
Books and Articles
Internet Resources
Mentor Faculty

Educational Tools

Case Studies

Harvard Business School. "Acid Rain: The Southern Company (A)." Case 9-792-060. Boston:
Harvard Business School Publishing, 1992.

------. "Franklin Research and Development Corporation." Case 9-390- 027. Boston: Harvard Business School Publishing, 1990.

------. "ITT Rayonier, Inc." Case 9-678-179. Boston: Harvard Business School Publishing, 1981.

------. "Navistar (A)." Case 9-96-D001. London, Ontario: University of Western Ontario/Harvard Business School Publishing, 1996.

------. "Negotiation Exercise on Tradeable Pollution Allowances: General Background Information." Boston: HBSP. Case 9-793-072. Available from Harvard Business School Publishing.

------. "Polaroid: Managing Environmental Responsibilities and their Costs." Boston: HBSP, December 1993. Case 9-194-052. Available from Harvard Business School Publishing.

Management Institute for Environment and Business. "A Burning Issue." Washington: World Resources Institute, 1992.

------. "St. Charles Medical Center: A Green Lights/Energy Star Case Study." Washington: World Resources Institute, 1996.

------. "Tempes Corporation (A)." Washington: World Resources Institute, 1995.

National Pollution Prevention Center for Higher Education. "Crotalus Circuits." In Pollution Prevention Educational Resource Compendium in Finance. Ann Arbor: University of Michigan, 1998.

------. "Green Lights Economics: Graphic Design Considers a Lighting Upgrade." In Pollution Prevention Educational Resource Compendium in Finance. Ann Arbor: University of Michigan, 1995.

White, Mark. "Avtex Fibers: Profits vs. Pollution." Charlottesville, VA: University of Virginia, 1995. [Available from the author: call 804/924-7365 or send e-mail to]


Watkins, Tom, Murray Young, Tommi Johnsen, Tom Howard, and Glyn Hanbery. "Recycling: A Structured Exercise." Journal of Management Education 21, no. 2 (May 1997): 244-254.

General Casebooks

Buchholz, Rogene A., Alfred A. Marcus, and James E. Post. Managing Environmental Issues: A Casebook. Englewood Cliffs, NJ: Prentice Hall, 1992.

Reinhardt, Forest, and Richard Vietor. Business Management and the Natural Environment: Cases and Text. Cincinnati: South-Western College Publishing, 1996.

Books and Articles

General/Corporate Finance

American Institute of Certified Public Accountants (AICPA). "Statement of Position 96-1: Environmental Remediation Liabilities." Journal of Accountancy (March 1997): 96-114.

Bailey, Paul E., and Joseph G. Karam. "Expressing Environmental Liabilities in Dollars and Cents: What Corporations Can Do Now." Environmental Finance 1, no. 2 (Winter 1991/92): 369-388.

Bennett, S. J., R. Freierman, and S. George. Corporate Realities and Environmental Truths: Strategies for Leading Your Business in the the Environmental Era. New York: John Wiley, 1993.

Brennan, Michael, and Eduardo Schwartz. "A New Approach to Evaluating Natural Resource Investments." In The New Corporate Finance: Where Theory Meets Practice, ed. Donald Chew, 98-107. New York: McGraw-Hill, 1993.

Buckley, Ralf. "Environmental Opportunities and Risks in Finance." Environmental Management and Health 3, no. 2 (1992): 22-25.

Buxton, Brian, and Eric Nielsen. "How to Be Lean, Mean and Green." Financial Executive (July 1995): 29- 33.

Burtraw, Dallas. "Trading Emissions to Clean the Air: Exchanges Few but Savings Many." Resources 122 (December 1996): 3-6.

Cairncross, Frances. Costing the Earth. Boston: Harvard Business School Press, 1992.

------. Green, Inc. London: Earthscan, 1995.

Cerf, Douglas C. "Conflicts of Interest and Measurement Issues and Their Effects on Reporting of Environmental Liabilities." Managerial Finance 19, no. 6 (1993): 53-64.

Cornell, Bradford, and Alan C. Shapiro. "Corporate Stakeholders and Corporate Finance." Financial Management 16, no. 1 (March 1987): 5-14.

Cronshaw, Mark B., and Carolyn M. Lang. "The New Market in Sulfur Dioxide Allowances: Examining Corporate Opportunities." Environmental Finance 1, no. 4 (December 1991): 407-419.

Ditz, Daryl, Janet Ranganathan, and R. Darryl Banks. Green Ledgers: Case Studies in Corporate Environmental Accounting. Washington: World Resources Institute, 1995.

Ditz, Daryl, and Janet Ranganathan. Measuring Up: Toward a Common Framework for Tracking Environmental Performance. Washington: World Resources Institute, 1997.

Dixit, Avinash K., and Robert S. Pindyck. "The Options Approach to Capital Investment." Harvard Business Review 73 (May/June 1995): 105-115.

Epstein, Marc J. Measuring Corporate Environmental Performance. Chicago: Irwin Professional Publishing, 1996.

Gamble, George O., Kathy Hsu, Cynthia Jackson, and Cynthia D. Tollerson. "Environmental Disclosures in Annual Reports: An International Perspective." International Journal of Accounting 31, no. 3 (1996): 293-331.

Global Environmental Management Initiative (GEMI). Finding Cost-Effective Pollution Prevention Initiatives: Incorporating Environmental Costs Into Business Decision-Making. Washington: GEMI, 1994.

------. Total Quality Environmental Management: The Primer. Washington: GEMI, 1992.

Gray, Rob H., Jan Bebbington, and Diane Walters. Accounting for the Environment. New York: Markus Wiener Publishing, 1993.

Grimsted, Bradley, Stefan Schaltegger, Christopher Stinson, and Christopher Waldron. "A Multimedia Assessment Scheme to Evaluate Chemical Effects on the Environment and Human Health." Pollution Prevention Review 4, no. 3 (June 1994): 259-268.

Harris, David. The Last Stand: The War Between Wall Street and Main Street Over California's Ancient Redwoods. New York: Times Books, 1996.

Hart, S., and B. Ahuja. "Does It Pay To Be Green? An Empirical Examination of the Relationship Between Emission Reduction and Firm Performance." Business Strategy and the Environment 5 (1996): 30-37.

Hawken, Paul. The Ecology of Commerce. New York: HarperCollins, 1993.

Klassen, Robert D., and D. Clay Whybark. "The Impact of the Selection of Environmental Techologies on Manufacturing Performance." London, Ontario: Ivey School of Business Working Paper 96-33, 1996. [Available from Mr. Klassen (call 519/661-3336) or from Ivey Publishing.]

Koch, Gayle, Paul Ammann, and Kenneth Wise. "Evaluating Environmental Costs: Accounting for Uncertainties." Chemical Waste Litigation Reporter 27, no. 3 (February 1994): 554-559.

McCarthy, Richard N. "Financing Pollution Control Facilities with Tax-Exempt Bonds." Environmental Finance 1, no. 2 (June 1991): 211-217.

McLaughlin, Susan, and Holly Elwood. "Environmental Accounting and EMSs." Pollution Prevention Review 6, no. 2 (Spring 1996): 13-21.

Northeast Waste Management Officials' Association (NEWMOA). Improving Your Competitive Position: Strategic and Financial Assessment of Pollution Prevention Projects. Boston: NEWMOA, 1994. [Available from the publisher: call 617/367-8558 or e-mail]

------. Pollution Prevention and Profitablity. Boston: NEWMOA, 1994. [Available from the publisher: call 617/367-8558 or e-mail]

Palmisano, John. "Air Credit Trading: The Cost-Saving Compliance Alternative." Environmental Finance 2, no. 1 (Spring 1992): 53-67.

Raftelis, George A. "Financial and Accounting Measures as Part of Pollution Prevention Assessment." Environmental Finance 1, no. 2 (Summer 1991): 129-150.

Savage, Deborah E., and Allen L. White. "New Applications of Total Cost Assessment." Pollution Prevention Review 4, no. 1 (December 1994): 7-15.

Schmidheiny, Stephan, Federico J. L. Zorraquín, and the Council for Sustainable Development. Financing Change: The Financial Community, Eco-Efficiency, and Sustainable Development. Cambridge, Mass.: MIT Press, 1996.

The following U.S. EPA documents are available free from NCEPI:
------. Facility Pollution Prevention Guide. EPA/600/R-92/088. Washington: U.S. EPA, May 1992.
------. Valuing Potential Environmental Liabilities for Managerial Decision-Making: A Review of Available Techniques. EPA/742/R-96/003. Washington: U.S. EPA Office of Pollution Prevention and Toxics, December 1996.

The following U.S. EPA documents are available free from the Pollution Prevention Information Clearinghouse:
------. Environmental Accounting Resource List (Revised). EPA 742/B-96/005. Washington: U.S. EPA Office of Pollution Prevention and Toxics, March 1996.
------. Incorporating Environmental Costs and Considerations into Decision-Making: Review of Available Tools and Software. EPA/742-R-95/006. Washington: U.S. EPA, August 1995.
------. An Introduction to Environmental Accounting as a Business Management Tool: Key Concepts and Terms. EPA/742/R- 95/001. Washington: U.S. EPA Office of Pollution Prevention and Toxics, May 1995.
------. A Primer for Financial Analysis of Pollution Prevention Projects. EPA/600/R-93/059. Washington: U.S. EPA Office of Research and Development, April 1993.

Walley, Darlene, Karen Blumenfeld, Nancy Kolodny, and Nasir Ali. "A Product Life-Cycle Assessment of Arm & Hammer Baking Soda." Pollution Prevention Review __ (December 1992): 51-64.

Westin, Richard A. "The Collision Between the Tax System and Environmental Policies." Environmental Finance 1, no. 3 (September 1991): 327-334.

White, Allen, Monica Becker, and Deborah Savage. "Environmentally Smart Accounting: Using Total Cost Assessment to Advance Pollution Prevention." Pollution Prevention Review (Summer 1993): 247-259.

White, Allen, and Deborah Savage. "Budgeting for Environmental Projects: A Survey." Management Accounting 77, no. 4 (October 1995): 48-54.

White, Mark A. "Environmental Finance: Value and Risk in an Age of Ecology." Business Strategy and the Environment 5 (1996): 198-206.

White, Mark A., and Bernd Wagner. "Ecobalance: A Tool for Environmental Financial Management." Pollution Prevention Review 6, no. 2 (Spring 1996): 31-44.

Wittman, Marlene R. "Costing and Financial Analysis of a Pollution Prevention Project." Environmental Finance 1, no. 4 (Winter 1991): 433-452.


Arrow, Kenneth, Robert Solow, Edward Leamer, Paul Portney, Roy Randner, and Howard Schumann. "Report of the NOAA Panel on Contingent Valuation." Federal Register 58 (15 January 1993): 4,601-4,614.

Brennan, Timothy J. "Discounting the Future: Economics and Ethics." Resources 120 (June 1995): 3-6.

Callan, Scott, and Janet M. Thomas. Environmental Economics and Management: Theory, Policy, and Applications. Burr Ridge, IL: Richard D. Irwin, 1996.

Carson, Carol S., and J. Steven Landefeld. "Integrated Economic and Environmental Satellite Accounts." Survey of Current Business 74, no. 4 (April 1994): 33-49.

Costanza, Robert, and Herman Daly. "Natural Capital and Sustainable Development." Conservation Biology 6, no. 1 (March 1992): 37-46.

Costanza, Robert, ed. Ecological Economics: The Science and Management of Sustainability, New York: Columbia University Press, 1991.

Daily, Gretchen C., ed. Nature's Services: Societal Dependence on Natural Ecosystems. Washington: Island Press, 1997.

Daly, Herman E. and Kenneth N. Townsend. Valuing the Earth: Economics, Ecology, Ethics. Cambridge, Mass.: MIT Press, 1993.

Daly, Herman E., ed. Economics, Ecology, Ethics: Essays Toward a Steady-State Economy. San Francisco: W. H. Freeman and Company, 1980.

Diamond, Peter A., and Jerry A. Hausman. "Contingent Valuation: Is Some Number Better Than No Number?" Journal of Economic Perspectives 8, no. 4 (September 1994): 45-64.

Dudek, Daniel J. "Creating Self-Financing Environmental Markets." Environmental Finance 1, no. 4 (December 1991): 511-516.

Field, Barry C. Environmental Economics: An Introduction, 2nd ed. New York: McGraw-Hill, 1997.

Goodstein, Eban. Economics and the Environment. Englewood Cliffs, NJ: Prentice-Hall, 1995.

Hanemann, W. Michael. "Valuing the Environment Through Contingent Valuation." Journal of Economic Perspectives 8, no. 4 (September 1994): 19-43.

Jansson, AnnMari, Monica Hammer, Carl Folke, and Robert Costanza, eds. Investing in Natural Capital. Washington: Island Press, 1994.

Kahn, James R. The Economic Approach to Environmental and Natural Resources. Fort Worth, TX: Dryden Press, 1995.

Krishnan, Rajaram, Jonathan Harris, and Neva Goodwin. Survey of Ecological Economics. Covelo, Calif.: Island Press, 1995.

Lindsey, Greg, Robert Paterson, and Michael Luger. "Using Contingent Valuation in Environmental Planning." Journal of the American Planning Association 61, no. 2 (March 1995): 252-263.

Markandya, Anil, and David Pearce. "Development, the Environment, and the Social Rate of Discount." World Bank Research Observer 6, no. 2 (July 1991): 137-152.

wMunasinghe, Mohan. Environmental Economics and Sustainable Development. Environment Paper No. 3. Washington: World Bank, 1993.

Norgaard, Richard. Sustainability and the Economics of Assuring Assets for Future Generations. Working Paper #WPS 832. Washington: World Bank, January 1992.

Oates, Wallace E., ed. The Economics of the Environment. Hants., U.K.: Edward Elgar Publishing, Ltd., 1992.

Organisation for Economic Cooperation and Development. Managing the Environment: The Role of Economic Instruments. Paris: OECD, 1994.

Palmer, Karen, Wallace Oates, and Paul R. Portney. "Tightening Environmental Standards: The Benefit-Cost or the No-Cost Paradigm?" Journal of Economic Perspectives 9, no. 4 (1995): 119-132.

Pearce, David W. Economic Values and the Natural World. Cambridge, Mass.: MIT Press, 1993.

Pearce, David W., and R. Kerry Turner. Economics of Natural Resources and the Environment. Baltimore: Johns Hopkins University Press, 1990.

Porter, Michael E., and Claas van der Linde. "Toward a New Conception of the Environment-Competitiveness Relationship." Journal of Economic Perspectives 9, no. 4 (1995): 97-118.

Solow, Robert M. "Sustainability: An Economist's Perspective." In Economics of the Environment: Selected Readings, 3rd ed., ed. Robert Dorfman and Nancy S. Dorfman, 179-187. New York: W. W. Norton, 1993.

Stavins, Robert N., and Bradley W. Whitehead. "Dealing with Pollution: Market-Based Incentives for Environmental Protection." Environment 34, no. 7 (September 1992): 7-11 + 29-42.

Tietenberg, Tom H. Environmental and Natural Resource Economics, 3rd ed. New York: HarperCollins, 1992.

Turner, R. Kerry, David Pearce, and Ian Bateman. Environmental Economics. Baltimore: Johns Hopkins University Press, 1993.

van Dieren, Wouter. Taking Nature Into Account: Toward a Sustainable National Income. New York: Springer-Verlag, 1995.

Financial Institutions

Bornstein, David. The Price of a Dream: The Story of the Grameen Bank and the Idea That Is Helping the Poor to Change Their Lives. New York: Simon and Schuster, 1997.

Bowles, Ian A. "The Global Environment Facility: New Progress on Development Bank Governance." Environment 38, no. 3 (April 1996): 38-40.

Casey, K. Mike, and Ross N. Dickens. "Lenders: Treat Green Issues Cautiously." Real Estate Review 24, no. 2 (June 1994): 62-65.

Coulson, Andrea B., and Rob Dixon. "Environmental Risk and Management Strategy: The Implications for Financial Institutions." International Journal of Bank Marketing 13, no. 2 (1995): 22-29.

Elkington, John, and Andrea Spencer-Cooke. "The Banks Come Clean." Tomorrow 3, no. 6 (June 1996): 54-60.

Feldman, Roger D. "The Greening of Environmental Finance." The Bankers Magazine 173 (November/December 1990): 68-73.

Feldman, Roger D., and John W. Adams. "Environmental Finance." Bank Management 66 (April 1990): 38-43.

Kotvis, Jill A. "Strategies for Avoiding Lender Liability Under Environmental Laws," January 1994. [Unpublished manuscript available from the author: call 214/939-5824.]

Leggett, Jeremy, ed. Climate Change and the Financial Sector: The Emerging Threat -- The Solar Solution. Munich: Gerling Akademie Verlag, 1996.

Mikesell, Raymond E., and Lawrence F. Williams. International Banks and the Environment. San Francisco: Sierra Club Books, 1992.

Nitsche, Christoph, and Chris Hope. "The Banking Sector and Environmental Issues: Some Empirical Evidence from Britain and Germany," May 1996. [Working paper available from the Judge Institute of Management Studies, University of Cambridge, England, for £ 20; call 01223 339700.]

Sarokin, David, and Jay Schulkin. "Environmental Concerns and the Business of Banking." Journal of Commercial Bank Lending 73 (February 1991): 6-19.

Stüdemann, Frederick. "'Green' Bank Puts Principles First." International Management 48, no. 8 (October 1993): 32-33.

Thompson, Hilary J. "The Role of Financial Institutions in Encouraging Improved Environmental Performance." In Business and the Environment, ed. Michael D. Rogers, 271-285. New York: St. Martin's Press, 1995.

United Nations Environment Programme. Environmental Policies and Practices of the Financial Service Sector. Geneva: UNEP, January 1995. [To obtain a copy, contact Ken Maguire, UNEP Economics, Trade and Environment Unit, by phone (+41-22-917 8178); fax: (+41-22-796 9240), or e-mail (]

Verein für Umweltmanagement in Banken, Sparkassen und Versicherungen (VfU). Umweltberichterstattung von Finanzdienstleistern: Ein Leitfaden zu Inhalten, Aufbau und Kennzahlen von Umweltberichten für Banken und Sparkassen [Environmental Reporting in the Financial Service Industry: A Primer to the Contents, Construction and Ratio Analysis of Environmental Reports for Banks and Savings Institutions]. Bad Honnef, Germany: VfU, 1996. [Available from Schweizerische Kreditanstalt for SFr 20,00. Tel: +41 (0)1 333 56 13.]

Wright, Martin. "God, Mammon and the Markets." Tomorrow 3, no. 6 (June 1996): 10-11.


Fischhoff, Baruch. "Understanding Long-Term Environmental Risks." Journal of Risk and Uncertainty 3, no. 4 (1990): 315-330.

Lamb, Reinhold P. "An Exposure-Based Analysis of Property-Liability Insurer Stock Values Around Hurricane Andrew." Journal of Risk and Insurance 62, no. 1 (March 1995): 111-123.

Leggett, Jeremy. "Who Will Underwrite the Hurricane?" New Scientist (7 August 1993): 29-33.

Moylan, Janet D. "Browsing Through the Environmental Marketplace: Choosing the Best Insurance Policy to Manage Environmental Liability Risks." Risk Management 42, no. 1 (January 1995): 53-59.

Schoemaker, Paul J. H., and Joyce A. Shoemaker. "Estimating Environmental Liability: Quantifying the Unknown." California Management Review 37, no. 3 (Spring 1995): 29-61.

Slovic, Paul. "Perception of Risk." Science 236 (17 April 1987): 280-285.


Alperson, Myra, Alice Tepper Marlin, Jonathan Schorsch, and Rosalyn Will. The Better World Investment Guide. New York: Prentice-Hall, 1991.

Bosch, J. C., and Insup Lee. "Environmental Regulations and Stockholders' Wealth: An Empirical Examination," 1996. [Available from J. C. Bosch, College of Business, University of Colorado at Denver, PO Box 173364, Campus Box 165, Denver, CO 80217-3364 (]

Clough, Richard Read. "Impact of an Environmental Screen on Portfolio Performance: A Comparative Analysis of S&P 500 Stock Returns." 1997 Working Paper. [Available from April Woodard, Nicholas School of the Environment, Duke University, Box 90328, Durham NC 27708; 919/613-8000.]

Cohen, Mark A., Scott Fenn, and Jonathan Naimon. Environmental and Financial Performance: Are They Related? Washington: Investor Responsibility Research Center, April 1995.

Cormier, Denis, Michel Magnan, and Bernard Morard. "The Impact of Corporate Pollution on Market Valuation: Some Empirical Evidence." Ecological Economics 8, no. 2 (1993): 135-155.

Diltz, J. David. "The Private Cost of Socially Responsible Investing." Applied Financial Economics 5, no. 2 (April 1995): 69-77.

Dowie, Mark. "Clean, Green and Guilt-Free Funds." The Nation 256 (26 April 1993): 550-556.

Feldman, Stanley J., Peter A. Soyka, and Paul Ameer. "Does Improving a Firm's Environmental Management System and Environmental Performance Result in a Higher Stock Price?" Journal of Investing 6, no. 4 (1997): 87-97.

Figge, Frank. Systematization of Economic Risks Through Global Environmental Problems: A Threat to Financial Markets? WWZ-Study no. 56. Basel, Switzerland: University of Basel Center of Economics and Business Administration (WWZ) and Bank Sarasin & Co., August 1998.

Griffin, Jennifer J., and John F. Mahon. "The Corporate Social Performance and Corporate Financial Performance Debate." Business and Society 36, no. 1 (March 1997): 5-31.

Hamilton, James T. "Pollution as News: Media and Stock Market Reactions to the Toxics Release Inventory Data." Journal of Environmental Economics and Management 28 (January 1995): 98-113.

Hamilton, Sally, Hoje Jo, and Meir Statman. "Doing Well By Doing Good? The Investment Performance of Socially Responsible Mutual Funds." Financial Analysts Journal 49, no. 6 (November 1993): 62-66.

Hart, Stuart L., and Gautam Ahuja. "Does It Pay to Be Green? An Empirical Examination of the Relationship Between Emission Reduction and Firm Performance." Business Strategy and the Environment 5 (1996): 30-37.

Hill, Joanne, and Thomas Schneeweis. "The Effect of Three Mile Island on Electric Utility Stock Prices: A Note." Journal of Finance 38, no. 4 (September 1983): 1,285-1,292.

Johnson, Scott D. "An Analysis of Corporate Environmental Performance as a Strategic Issue," Working paper, 1995. [Available from the author: call 510/372-5295.]

Kinder, Peter D., Steven D. Lydenberg, and Amy L. Domini. Investing for Good. New York: HarperBusiness, 1994.

Klassen, Robert D., and Curtis P. McLaughlin. "The Impact of Environmental Management on Firm Performance." Management Science 42, no. 8 (August 1996): 1,199-1,214.

Knoll, Michael S. "Socially Responsible Investment and Modern Financial Markets," 1994. University of Southern California Law Center No. 94-13.

LaPlante, Benoît, and Paul Lanoie. "The Market Response to Environmental Incidents in Canada: A Theoretical and Empirical Analysis." Southern Economic Journal 60 (January 1994): 657-672.

Muoghalu, Michael I., H. David Robison, and John L. Glascock. "Hazardous Waste Lawsuits, Stockholder Returns, and Deterrence." Southern Economic Journal 57, no. 2 (October 1990): 357-370.

Pfund, Nancy, and Shelly D. Guyer. "Environmental Venture Capital: What Investors Consider." Environmental Finance 1, no. 3 (Autumn 1991): 291-298.

Russo, Michael V., and Paul A. Fouts. "The Green Carrot: Do Markets Reward Corporate Environmentalism?" Presented at the 1993 Academy of Management Meetings. [Working paper available from the authors: call 503/346-3339.]

Sandoval, Ricardo. "How Green Are the Green Funds? Fiscal and Philosophical Ups and Downs of Environmental Investing." Amicus Journal 17 (Spring 1995): 29-33.

Schneider, Paul. "Green Money: More Investors Are Seeking Out Companies With Good Environmental Records Q And Finding That It Can Pay." Audubon 95, no. 2 (March 1993): 65-71.

Schaltegger, Stefan, and Frank Figge. Environmental Shareholder Value. WWZ-Study no. 54. Basel, Switzerland: University of Basel Center of Economics and Business Administration (WWZ) and Bank Sarasin & Co., September 1997.

Snyder, Jonathan V., and Charles H. Collins. "The Performance Impact of an Environmental Screen," 1993. [Working paper available from Winslow Management Company: call 617/695-1863.]

Ullmann, Arieh. "Data in Search of a Theory: A Critical Examination of the Relationships Among Social Performance, Social Disclosure, and Economic Performance of U.S. Firms." Academy of Management Review 10, no. 3 (July 1985): 540-557.

Wall, Larry D. "Some Lessons from Basic Finance for Effective Socially Responsible Investing." Federal Reserve Bank of Atlanta Economic Review 80, no. 1 (January/February 1995): 1-12.

White, Mark A. "The Performance of Environmental Mutual Funds in the United States and Germany: Is There Economic Hope for 'Green' Investors?" Research in Corporate Social Performance and Policy Supplement 1 (1995): 323-344.

------. "Does It Pay to Be 'Green'? Corporate Environmental Responsibility and Shareholder Value." In Proceedings of the Fourth Annual Business Strategy and the Environment Conference, Leeds, England, September 1995, 236-241. [Available from the author: call 804/924-7365 or send e-mail to]

------. "Investor Response to the Exxon Valdez Oil Spill." November 1995. [Working paper; available from the author: call 804/924-7365 or send e-mail to]

Real Estate

Kiel, Katherine A. "Measuring the Impact of the Discovery and Cleaning of Identified Hazardous Waste Sites on House Values." Land Economics 71, no. 4 (November 1995): 428-435.

Patchin, Peter J. "Contaminated Properties and the Sales Comparison Approach." The Appraisal Journal (July 1994): 402-409.

Wilson, Albert R. "The Environmental Opinion: Basis for an Impaired Value Opinion." The Appraisal Journal (July 1994): 410-423.

Internet Resources

Resources for Economists on the Internet: This mammoth document contains links to pretty-near every economics- and finance site available over the Internet. Lots of links to economic data, too!

Resources for the Future: A non- profit "think tank" devoted to research and policy analysis regarding natural resources and the environment.

Financial Services Sector and the Environment: A United Nations Environment Program (UNEP) initiative aimed at integrating environmental concerns into the financial services sector.

Environmental Accounting Project: The U.S. Environmental Protection Agency's program to encourage and motivate businesses to understand the full spectrum of environmental costs and to integrate these costs into decision-making.

Green Investing: Contains links to several green investment funds and advisory services.

Mentor Faculty

Mark Cohen
Associate Professor
Owen Graduate School of Management
Vanderbilt University
Nashville, TN 37203
615/322-6814 or

Raymond Gorman
Department of Finance
Richard T. Farmer School of Business Administration
120 Upham Hall
Miami University
Oxford, OH 45056
513/529-1569 or

Jonathan Karpoff
University of Washington
School of Business
Box 353200
Seattle, WA 98195-3200
206/685-4954 or

Mark White
Associate Professor
McIntire School of Commerce
University of Virginia
Charlottesville, VA 22903
804/924-7365 or

See also: U.S. Environmental Protection Agency, Office of Pollution Prevention and Toxics. Directory of EPA's Environmental Network for Managerial Accounting and Capital Budgeting. (EPA*742-K-96-006, 170 pages) April 1996. This directory contains more than 650 names of individuals who are either active or interested in environmental accounting activities. Individuals are sorted by sector: academia, industry, consulting, government, etc. Many listings describe what individuals do and what services they have to offer to others. May be used as a phone or skills directory. [Note: This is the latest printed version of the Directory available. An up-to-date version of the Directory is available for viewing and searching on the U.S. EPA Environmental Accounting Project's website.]

To add to this List

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This page last revised: June 2, 1999.