TY  - RPRT
        AU  - Betzer, André
AU  - Doumet, Markus
AU  - Rinne, Ulf
        TI  - How Policy Changes Affect Shareholder Wealth: The Case of the Fukushima Daiichi Nuclear Disaster
        PY  - 2011/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 5896
        UR  - https://www.iza.org/publications/dp5896
        AB  - This paper analyzes how policy changes affect shareholder wealth in the context of environmental regulation. We exploit the unique and unexpected German reaction to the Fukushima Daiichi nuclear disaster, which involved the immediate shutdown of almost half of Germany’s nuclear reactors while safety checks were carried out, and a three-month moratorium on extending the lives of others. Using the event study methodology, our findings indicate a wealth transfer from nuclear energy companies to renewable energies companies in Germany. We moreover find that the joint market capitalization of these firms has decreased, but the amount of this combined decrease is small. Substantial heterogeneity in the shareholder wealth effects across European countries can be linked to different nuclear energy policies. The shareholder wealth of nuclear and conventional energy companies in the United States has been unaffected.
        KW  - electric power
KW  - nuclear power
KW  - green economy
KW  - earthquake
KW  - tsunami
KW  - event study
KW  - environment
        ER  -