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dc.contributor.authorCapelle-Blancard, Gunther
dc.contributor.authorLaguna, Marie-Aude
dc.date.accessioned2010-01-29T14:33:03Z
dc.date.available2010-01-29T14:33:03Z
dc.date.issued2010
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/3187
dc.language.isoenen
dc.subjectTechnological Risken
dc.subjectInsuranceen
dc.subjectEnvironmental Liabilityen
dc.subjectEvent Studyen
dc.subjectDisclosureen
dc.subject.ddc338.9
dc.subject.classificationjelG14en
dc.subject.classificationjelL65en
dc.subject.classificationjelQ51en
dc.subject.classificationjelQ27en
dc.titleHow does the stock market respond to chemical disasters?en
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité de Paris 1 Panthéon-Sorbonne;France
dc.description.abstractenIn 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.en
dc.relation.isversionofjnlnameJournal of Environmental Economics and Management
dc.relation.isversionofjnlvol59
dc.relation.isversionofjnlissue2
dc.relation.isversionofjnldate2010
dc.relation.isversionofjnlpages192-205
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jeem.2009.11.002
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherElsevier
dc.subject.ddclabelCroissance et développement économiques


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