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...

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...

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...

Inzwischen wird es offen angekündigt: Ganzen Städten, Regionen und immer mehr Unternehmen soll regelmäßig der Strom abgeschaltet werden, wenn Windparks und Solaranlagen wenig Strom bereitstellen und konventionelle Kraftwerke stillgelegt worden sind. Solche „rollierenden Blackouts“...