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...

In this paper, we investigate both the market reaction soon after the accident and the market reaction when the Nuclear Damage Liability Facilitation Fund Act was passed and signed into law. TEPCO, the damaged electric power company's stock price lost the largest consecutively for direct damage...