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The Effect of Three Mile Island on Stock Returns in the Property and Liability Insurance Industry

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  • Wallace N. Davidson III
  • John H. Thornton

Abstract

On March 28, 1979, a combination of mechanical and operator errors caused the core at the Three Mile Island nuclear power plant to overheat. Using event methodology, this paper examines the effect of this incident on shareholder wealth of a sample of property and liability insurers who were members of the American Nuclear Insurers group at the time of the accident. No significant negative impact on shareholder wealth of the insuring firms was found. Probably reasons for this finding are discussed.

Suggested Citation

  • Wallace N. Davidson III & John H. Thornton, 1985. "The Effect of Three Mile Island on Stock Returns in the Property and Liability Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 8(2), pages 17-31.
    • Handle: RePEc:wri:journl:v:8:y:1985:i:2:p:17-31
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    Cited by:

    1. Yamori, Nobuyoshi & Kobayashi, Takeshi, 2002. "Do Japanese Insurers Benefit from A Catastrophic Event?: Market Reactions to the 1995 Hanshin-Awaji Earthquake," Journal of the Japanese and International Economies, Elsevier, vol. 16(1), pages 92-108, March.

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