000196845 001__ 196845
000196845 005__ 20180122235403.0
000196845 037__ $$a1375-2016-109500
000196845 041__ $$aen_US
000196845 084__ $$aQ540
000196845 245__ $$aHurricanes as News? A Comparison of the Impact of Hurricanes on Stock Returns of Energy Companies
000196845 260__ $$c2015
000196845 269__ $$a2015
000196845 270__ $$mhyliu@uga.edu$$pLiu,   Haiyan
000196845 270__ $$msferreir@uga.edu$$pFerreira,   Susana
000196845 270__ $$mbkarali@uga.edu$$pKarali,   Berna
000196845 300__ $$a39
000196845 336__ $$aConference Paper/ Presentation
000196845 520__ $$aRecent hydro-meteorological disasters have sparked popular interest in climate change and on its role in driving these events. This paper focuses on the information provided by hurricanes in shaping public perceptions towards human-induced climate change. Because CO2 emissions from combustion are a sizeable contributor to greenhouse gas concentrations, and their reduction is a key ingredient in any climate change mitigation strategy, we focus on the energy sector. We estimate the impact of hurricanes on the stock returns of the largest energy companies in the US. We consider the most notorious, damaging hurricanes over the last 25 years: Sandy (2012), Katrina (2005), Andrew (1992), and Hugo (1989). We categorize energy companies into five groups according to CO2 intensity: coal, oil, natural gas, nuclear, and renewables. We find that the impacts of a given hurricane on the stock prices of energy companies differ by energy type. Compared to companies in the coal industry, companies in oil, natural gas and renewable energy industries all reveal significantly more positive cumulative average abnormal returns and the effect is the largest for renewables, followed by oil and natural gas. Similarly, the impacts of hurricanes on stock prices of energy companies differ by hurricane.
000196845 542__ $$fLicense granted by Haiyan Liu (hyliu@uga.edu) on 2015-01-15T22:02:48Z (GMT):

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000196845 650__ $$aEnvironmental Economics and Policy
000196845 650__ $$aResource /Energy Economics and Policy
000196845 6531_ $$aClimate Change
000196845 6531_ $$aEnergy Industry
000196845 6531_ $$aEvent Study
000196845 6531_ $$aHurricanes
000196845 700__ $$aLiu, Haiyan
000196845 700__ $$aFerreira, Susana
000196845 700__ $$aKarali, Berna
000196845 773__ $$d2015
000196845 8564_ $$s1052904$$uhttps://ageconsearch.umn.edu/record/196845/files/Hurricanes%20as%20News_FINAL_1152015.pdf
000196845 887__ $$ahttp://purl.umn.edu/196845
000196845 909CO $$ooai:ageconsearch.umn.edu:196845$$pGLOBAL_SET
000196845 912__ $$nSubmitted by Haiyan Liu (hyliu@uga.edu) on 2015-01-15T22:08:59Z
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  Previous issue date: 2015
000196845 982__ $$gSouthern Agricultural Economics Association>2015 Annual Meeting, January 31-February 3, 2015, Atlanta, Georgia
000196845 980__ $$a1375