Author:
Ferstl Robert,Utz Sebastian,Wimmer Maximilian
Abstract
AbstractThis event study investigates the impact of the Japanese nuclear disaster in Fukushima-Daiichi on the daily stock prices of French, German, Japanese, and U.S. nuclear utility and alternative energy firms. Hypotheses regarding the (cumulative) abnormal returns based on a three-factor model are analyzed through joint tests by multivariate regression models and bootstrapping. Our results show significant abnormal returns for Japanese nuclear utility firms during the one-week event window and the subsequent four-week post-event window. Furthermore, while French and German nuclear utility and alternative energy stocks exhibit significant abnormal returns during the event window, we cannot confirm abnormal returns for U.S. stocks.
Publisher
Springer Science and Business Media LLC
Subject
Business, Management and Accounting (miscellaneous)
Reference20 articles.
1. Acharya, Sankarshan (1993): Value of Latent Information: Alternative Event Study Methods, Journal of Finance, 48 (1): 363–385.
2. Aktar, Ismail (2005): A Comparison of the Effects of the Chernobyl and Three Mile Island Nuclear Accidents on the U.S. Electric Utility Industry, Sosyoekonomi, 2005 (2): 11–34.
3. Barrett, W. Brian, Andrea J. Heuson, and Robert W. Kolb (1986): The Effect of Three Mile Island on Utility Bond Risk Premia: A Note, Journal of Finance, 41 (1): 255–261.
4. Binder, John J. (1985): On the Use of the Multivariate Regression Model in Event Studies, Journal of Accounting Research, 23 (1): 370–383.
5. Binder, John J. (1998): The Event Study Methodology Since 1969, Review of Quantitative Finance and Accounting, 11 (2): 111–137.
Cited by
50 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献