How does the stock market respond to chemical disasters?

被引:157
作者
Capelle-Blancard, Gunther [2 ]
Laguna, Marie-Aude [1 ]
机构
[1] Univ Paris 09, DRM, F-75016 Paris, France
[2] Univ Paris 01, F-75013 Paris, France
关键词
Technological risk; Event study; Environmental liability; Disclosure; Insurance; THREE-MILE-ISLAND; INFORMATION; DISCLOSURE; POLLUTION; PROTECTION; ACCIDENT; BEHAVIOR; FINANCE; EVENT;
D O I
10.1016/j.jeem.2009.11.002
中图分类号
F [经济];
学科分类号
02 ;
摘要
In this paper, we examine the stock market reaction to industrial disasters. We consider an original sample of 64 explosions in chemical plants and refineries worldwide over the period 1990-2005. A quarter of the accidents resulted in a toxic release, and half of them caused at least one death or serious injury. On average, petrochemical firms in our sample experience a drop in their market value of 1.3% over the two days immediately following the disaster. Using multivariate analysis, we show that this loss is significantly related to the seriousness of the accident as measured by the number of casualties and by chemical pollution: each casualty corresponds to a loss of $164 million and a toxic release to a loss of $1 billion. (C) 2009 Elsevier Inc. All rights reserved.
引用
收藏
页码:192 / 205
页数:14
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