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How policy changes affect shareholder wealth: the case of the Fukushima Dai-ichi nuclear disaster

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  • André Betzer
  • Markus Doumet
  • Ulf Rinne

Abstract

This article analyses how policy changes affect shareholder wealth by exploiting the unexpected German reaction to the Japanese nuclear disaster. Event study results show that energy companies' shareholder wealth was affected by the policy reaction and not by the disaster.

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File URL: http://hdl.handle.net/10.1080/13504851.2012.748172
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 20 (2013)
Issue (Month): 8 (May)
Pages: 799-803

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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:799-803

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  1. Thure Traber & Claudia Kemfert & Jochen Diekmann, 2011. "German Electricity Prices: Only Modest Increase Due to Renewable Energy Expected," Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 7(6), pages 37-46.
  2. Alon Brav & Paul A. Gompers, 2003. "The Role of Lockups in Initial Public Offerings," Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 1-29.
  3. Corrado, Charles J., 1989. "A nonparametric test for abnormal security-price performance in event studies," Journal of Financial Economics, Elsevier, vol. 23(2), pages 385-395, August.
  4. Fields, M. Andrew & Janjigian, Vahan, 1989. "The effect of Chernobyl on electric-utility stock prices," Journal of Business Research, Elsevier, vol. 18(1), pages 81-87, January.
  5. Choi, Eunho & Heshmati, Almas & Cho, Yongsung, 2010. "An Empirical Study of the Relationships between CO2 Emissions, Economic Growth and Openness," IZA Discussion Papers 5304, Institute for the Study of Labor (IZA).
  6. Fisher-Vanden, Karen & Thorburn, Karin S, 2008. "Voluntary Corporate Environmental Initiatives and Shareholder Wealth," CEPR Discussion Papers 6698, C.E.P.R. Discussion Papers.
  7. Brown, Jeffrey R. & Cummins, J. David & Lewis, Christopher M. & Wei, Ran, 2004. "An empirical analysis of the economic impact of federal terrorism reinsurance," Journal of Monetary Economics, Elsevier, vol. 51(5), pages 861-898, July.
  8. Justin Wolfers & Eric Zitzewitz, 2004. "Prediction Markets," Discussion Papers 03-025, Stanford Institute for Economic Policy Research.
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  10. Boehmer, Ekkehart & Masumeci, Jim & Poulsen, Annette B., 1991. "Event-study methodology under conditions of event-induced variance," Journal of Financial Economics, Elsevier, vol. 30(2), pages 253-272, December.
  11. Hill, Joanne & Schneeweis, Thomas, 1983. " The Effect of Three Mile Island on Electric Utility Stock Prices: A Note," Journal of Finance, American Finance Association, vol. 38(4), pages 1285-92, September.
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  14. Bowen, Robert M. & Castanias, Richard P. & Daley, Lane A., 1983. "Intra-Industry Effects of the Accident at Three Mile Island," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(01), pages 87-111, March.
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  16. Jochen Diekmann, 2009. "Renewable Energy in Europe: Strong Political Will Required for Ambitious Goals," Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 5(36), pages 242-250.
  17. Corrado, Charles J. & Zivney, Terry L., 1992. "The Specification and Power of the Sign Test in Event Study Hypothesis Tests Using Daily Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(03), pages 465-478, September.
  18. repec:reg:wpaper:259 is not listed on IDEAS
  19. Claudia Kemfert & Thure Traber, 2011. "The Moratorium on Nuclear Energy: No Power Shortages Expected," DIW Economic Bulletin, DIW Berlin, German Institute for Economic Research, vol. 1(1), pages 3-6.
  20. Scholes, Myron & Williams, Joseph, 1977. "Estimating betas from nonsynchronous data," Journal of Financial Economics, Elsevier, vol. 5(3), pages 309-327, December.
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Citations

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Cited by:
  1. Bohl, Martin T. & Kaufmann, Philipp & Stephan, Patrick M., 2013. "From hero to zero: Evidence of performance reversal and speculative bubbles in German renewable energy stocks," Energy Economics, Elsevier, vol. 37(C), pages 40-51.
  2. Grossi, Luigi & Waterson, Michael, 2013. "German Energy Market Fallout from the Japanese Earthquake," CAGE Online Working Paper Series 157, Competitive Advantage in the Global Economy (CAGE).
  3. Lopatta, Kerstin & Kaspereit, Thomas, 2014. "The cross-section of returns, benchmark model parameters, and idiosyncratic volatility of nuclear energy firms after Fukushima Daiichi," Energy Economics, Elsevier, vol. 41(C), pages 125-136.
  4. repec:cge:warwcg:156 is not listed on IDEAS
  5. Grossi, Luigi & Heim, Sven & Waterson, Michael, 2014. "A vision of the European energy future? The impact of the German response to the Fukushima earthquake," The Warwick Economics Research Paper Series (TWERPS) 1047, University of Warwick, Department of Economics.
  6. Martin Bohl & Philipp Kaufmann & Patrick Stephan, 2012. "From Hero to Zero: Evidence of Performance Reversal and Speculative Bubbles in German Renewable Energy Stocks," CQE Working Papers 2412, Center for Quantitative Economics (CQE), University of Muenster.

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