Ferstl, RobertRobertFerstlUtz, SebastianSebastianUtzWimmer, MaximilianMaximilianWimmer2023-04-132023-04-132012https://www.alexandria.unisg.ch/handle/20.500.14171/92438This event study investigates the impact of the Japanese nuclear catastrophe in Fukushima-Daiichi on the daily utility stock prices in a five-week period following March 11, 2011. On a country level, French, German, Japanese, and U.S. firms are considered. On a segment level, the study distinguishes between nuclear utility and alternative energy firms. The results from prior studies of past nuclear disasters that document a significant negative performance for utility stock prices can generally be confirmed for the nuclear energy sub-sample in France, Germany, and Japan. However, while the nuclear accidents in Three Miles Island (1979) and Chernobyl (1985) induced significant reactions in U.S. utility stock prices, only weak evidence for similar reactions to the Fukushima-Daiichi accident can be found in the United States. Furthermore, there is also clear evidence that alternative energy stocks benefit from a nuclear accident. There are strong reactions in France, Germany, and Japan suggesting a possible forthcoming policy change in these countries. Finally, the results of the study indicate that markets were capable of pricing the newly available information quickly, supporting the concept of semi-strong market efficiency.enjournal article