CERE Working Paper, 2010:3 www.cere.se Department of Economics, Umeå Universitet S‐901 87, Umeå, Sweden Environmental Incidents and Firm Value – International Evidence using a Multi‐Factor Event Study Framework Tommy Lundgren 1 , and Rickard Olsson 12 1 Umeå School of Business Umeå University 901 83 Umeå, Sweden 2 Centre of Environmental and Resource Economics Department of Forest Economics Swedish University of Agricultural Sciences 901 87 Umeå, Sweden Centre for Environmental and Resource Economics (CERE) is an inter‐disciplinary and inter‐university research centre at the Umeå Campus, Umeå University and the Swedish University of Agricultural Sciences. The main objectives with the Centre is to tie together research groups at the different departments and universities; provide seminars and workshops within the field of environmental & resource economics and management; constitute a platform for a creative strong research environment within the field.