Research

The Relevance to Investors of Greenhouse Gas Emission Disclosures

This study by Professor Paul Griffin and co-authors David H. Lont from the University of Otago and Yuan Sun from the University of California, Berkeley Haas School of Business documents that investors care about companies’ greenhouse gas (GHG) emission disclosures.

The authors present two kinds of evidence to support this finding. First, they show that investors act as if they use GHG emissions information to assess company stock market value. Second, by conducting an event study, they observe a significant market response around the date a company discloses new climate change information in a press release or 8-K filing. Sensitivity tests show that these findings are robust to alternative ways to model company value and assess the news content of emissions information. As anticipated, the study’s results strengthen for companies in the U.S. environment and for emission-intensive industries, such as utilities and energy. Lastly, the results convey a message to those companies that may have chosen not to disclose GHG emissions, in that the authors find that investors view estimates of non-disclosed GHG emission amounts as value relevant also.

SEC-registered non-discloser companies might, therefore, reconsider whether their policies adhere to the most basic rule of disclosure – to report “such further material information, if any, as may be necessary to make the required statements, in light of the circumstances under which they are made, not misleading.”

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News Release

UC Davis Graduate School of Management partners with Lawrence Livermore and Sandia National Labs to drive technologies from lab to market

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(Davis, Calif.) – With a joint goal of speeding the transfer of new technologies from the laboratory to the commercial marketplace, the UC Davis Graduate School of Management, Lawrence Livermore National Laboratory and Sandia National Laboratories have announced a new partnership for researchers to develop their entrepreneurial skills.

Spotlight Story

Vickie Sherman MBA 13 Finds Her Passion, Her Career—and Herself

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What opportunities, decisions, events have shaped your professional life?

My career path has been a climb across a jungle gym rather than a tangent up a corporate ladder. As a child, I used to thumb through the three-inch JCPenney catalogue, picking out the professional women who I would grow to be. I wanted to rule the world from a corner office in a suit and heels. I wanted to shed my humble origins and become Corporate Barbie.

Spotlight Story

MBA Student Consultants Make an IMPACT
Projects Put Business Needs Front and Center

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Agilent Technologies’ Electronic Measurement Group is a $3.6 billion business that over the past decade has seen a dramatic shift in its customer base from U.S., and Western European customers to predominantly Asia-based customers. Today, the majority of the division’s revenues are generated outside of the U.S., with an increasing concentration in China.

Spotlight Story

UC Davis Part-Time MBA in Top 8%, Full-Time MBA in Top 9%
U.S. News & World Report’s latest rankings: This marks the 19th consecutive year our MBA program has been ranked among the best in the nation.

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(Davis, CA) — The UC Davis Graduate School of Management’s full-time MBA program has been ranked among the top six percent of AACSB International-accredited programs nationwide, according to U.S. News & World Report’s latest graduate business school rankings released today.