Muoghalu, Michael I., H. David Robison, and John L. Glascock. "Hazardous Waste Lawsuits, Stockholder Returns, and Deterrence." Southern Economic Journal, October 1990.

This event study finds a significant (p<0.01) abnormal return of -1.2% to stocks that were subject to environmental lawsuits between 1977 and 1986. The study reviews 128 suits and 74 settlements, and used a time period of 60 days before and after the announcement of the lawsuit or settlement.