Pollution Monitoring and the Pricing of Environmental Risk in Firms -- by Namrata Kala, Jalal Sani, Nemit Shroff, Pengdong Zhang

We received helpful comments from Jed Neilson, Paul Richardson (discussant), Naomi Soderstrom (discussant), Alison Taylor (discussant), Scott Wang (discussant), and workshop participants at Boston College, Dishui Lake Advanced Finance Institute, MIT, NYU Shanghai, Penn State University, University of Michigan, University of North Carolina at Chapel Hill, and University of Saskatchewan, as well as conference participants at the 7th Analyst Research Conference, the 2026 Climate Finance & Sustainability Conference, the 2026 Emerging Scholar Sustainability Research Camp, and the 2026 Lisbon Accounting Conference. We thank Yalin Luo and Yidan Mao for stellar research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.