Abstract: Information regulation (IR) - the idea that firms should be required to disclose information about environmental externalities - is politically very popular. The hope is that IR will provide firms with incentives to reduce environmental risks because stakeholders who learn about the nature of these risks will pressure them into adopting more stringent standards. Previous studies have shown that capital markets punish firms that report high levels of emissions. However, not much is known if and how other stakeholders use published pollution data. The present study analyzes the effect of data released by the EPA in the June 1989 Toxics Release Inventory (TRI) on property values in the Philadelphia area. If households pay attention to pollution levels, one would expect the TRI information to show up in property values. Our results indicate that the TRI information tends to increase property values, but the effects vary widely from county to county.