Stocks and energy shocks: The impact of energy accidents on stock market value

被引：30

作者：

Scholtens, Bert ^{[1
]}

Boersen, Arieke ^{[1
]}

机构：

[1] Univ Groningen, Dept Finance, NL-9700 AV Groningen, Netherlands

来源：

ENERGY | 2011年 / 36卷 / 03期

关键词：

Energy accidents; Externalities; Stock market; Event study; THREE-MILE-ISLAND; RETURNS; EVENT; RISK; OIL; ECONOMICS; COMMON; COSTS;

D O I：

10.1016/j.energy.2010.12.059

中图分类号：

O414.1 [热力学];

学科分类号：

摘要：

We investigate how financial market participants value energy accidents. We employ an event study to look into the response of stock markets to 209 accidents. These accidents were derived from Sovacool's (2008) database on major energy accidents from 1907 to 2007. It appears that the stock market in general does not show a significant reaction with respect to these accidents. This would suggest that financial market participants perceive energy accidents as being 'part of the game' and discount for most energy accidents already in the valuation of the energy industry. (C) 2011 Elsevier Ltd. All rights reserved.

引用

页码：1698 / 1702

页数：5

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