Strategic Release of News at the EPA

Resources for the Future Working Paper No. 11-45

33 Pages Posted: 27 Oct 2011

See all articles by Nitish Ranjan Sinha

Nitish Ranjan Sinha

Federal Reserve Board - Capital Markets Section

Lucija Muehlenbachs

Resources for the Future; University of Calgary

Elisabeth Newcomb Sinha

University of Maryland - Department of Agricultural & Resource Economics

Multiple version iconThere are 2 versions of this paper

Date Written: October 26, 2011

Abstract

Using advances in text analysis, we examine the content and timing of 21,493 press releases issued by the U.S. Environmental Protection Agency (EPA) between 1994 and 2009. Press releases announcing enforcement actions or regulatory changes were issued more often on Fridays and before holidays, a time when news has the least impact on media coverage and financial markets. Changing the timing of press releases may increase deterrence through awareness of regulation and market reaction to environmental news. We find no evidence of regulatory capture. We compare text analysis techniques that allow data collection from sources previously too expensive to access.

Keywords: text analysis, computational linguistics, regulation, environment, politics, Environmental Protection Agency

JEL Classification: Q58

Suggested Citation

Sinha, Nitish Ranjan and Muehlenbachs, Lucija and Newcomb Sinha, Elisabeth, Strategic Release of News at the EPA (October 26, 2011). Resources for the Future Working Paper No. 11-45, Available at SSRN: https://ssrn.com/abstract=1949808 or http://dx.doi.org/10.2139/ssrn.1949808

Nitish Ranjan Sinha

Federal Reserve Board - Capital Markets Section ( email )

20th & C. St., N.W.
Washington, DC 20551
United States

Lucija Muehlenbachs (Contact Author)

Resources for the Future ( email )

Washington, DC 20036
United States

University of Calgary ( email )

University Drive
Calgary, Alberta T2N 1N4
Canada

Elisabeth Newcomb Sinha

University of Maryland - Department of Agricultural & Resource Economics ( email )

Symmons Hall, Rm 2200
University of Maryland
College Park, MD 20742-5535
United States

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