Abstract
This study aimed to examine stock price reactions to announcements of Leadership in Energy and Environmental Design (LEED)-certified hotel openings. Using an event study method, the authors analyze news related to 15 hotel openings between the periods of 2009 and 2013. The results show that abnormal returns on stocks are significantly negative after the announcements of LEED-certified hotel openings, suggesting that stock market investors perceive sustainable investments to be value-decreasing projects in the short-term. Practical and theoretical implications are discussed within the framework of the microeconomic theory of pollution abatement.
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