• Media type: E-Article
  • Title: The Effect of the Japan 2011 Disaster on Nuclear and Alternative Energy Stocks Worldwide: An Event Study
  • Contributor: Ferstl, Robert [Author]; Utz, Sebastian [Author]; Wimmer, Maximilian [Author]
  • Published: Göttingen: VHB - Verband der Hochschullehrer für Betriebswirtschaft, German Academic Association of Business Research, 2012
  • Language: English
  • DOI: https://doi.org/10.1007/BF03342730
  • ISSN: 1866-8658
  • Keywords: Deutsch ; Erneuerbare Energie ; Japan ; Börsenkurs ; Kernkraftwerk ; nuclear accidents ; Französisch ; bootstrap ; Störfall ; Fukushima-Daiichi ; Japanisch ; Fama-French model ; event study
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  • Description: This 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.
  • Access State: Open Access