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Article: Effects of the Chernobyl nuclear accident on utility share prices.
- Article from:
- Quarterly Journal of Business and Economics
- Article date:
- March 22, 1993
- Author:
CopyrightCOPYRIGHT 1993 University of Nebraska-Lincoln. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Introduction
Chernobyl was the largest nuclear accident ever. It caused at least 35 deaths, injuries to at least 1,000, and the forced evacuation of thousands of persons. The accident led, predictably, to a global renewal of protest against the use of nuclear power.
The Three Mile Island (TMI) accident in this country in 1979 is our closest analogy to Chernobyl. Three studies have examined electric utility share price reaction to TMI: Bowen et al. (1983); Fraser and Kolari (1983); and Hill and Schneeweis (1983). Hill and Schneeweis use monthly stock price data, while the other studies use daily data. All find statistically significant negative price reactions ...