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| Tekijä: | Capelle-Blancard, G. Laguna, M-A. |
| Otsikko: | How does the stock market respond to chemical disasters? |
| Lehti: | Journal of Environmental Economics and Management
2010 : MAR, VOL. 59:2, p. 192-205 |
| Asiasana: | financial markets work risk analysis multivariate analysis pollution technology chemical industry |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the stock market reaction to industrial disasters. We discuss an original sample of 64 explosions in chemical plants and refineries globally over the period of 19902005. A quarter of the accidents caused toxic release, and half of them caused at least one death or serious injury. On average, petrochemical firms experience a drop of 1.3% in their market value over the two days after the disaster. Using multivariate analysis, we demonstrate that this loss is significantly connected to the seriousness of the accident measured by the number of casualties and chemical pollution: each casualty is equivalent to a loss of $164 million and a toxic release to a loss of $1 billion. |
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