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2002 German Federal Elections and Associated Energy Policy: How Were Energy Corporations Financially Affected?

Oberndorfer, Ulrich ; Ziegler, Andreas

Jahrbücher für Nationalökonomie und Statistik, 2009-10, Vol.229 (5), p.570-583 [Periódico revisado por pares]

Stuttgart: LUCIUS & LUCIUS

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Título:
2002 German Federal Elections and Associated Energy Policy: How Were Energy Corporations Financially Affected?
Autor: Oberndorfer, Ulrich ; Ziegler, Andreas
Assuntos: corporate financial performance ; Corporations ; Election results ; Election returns ; Elections ; Energy ; Energy industry ; Energy policy ; Enterprises ; Estimation ; event study ; Financial performance ; Germany ; Impact analysis ; Nuclear power ; Null hypothesis ; Parliamentary elections ; Political economy ; Political regulation ; Renewable energy ; Renewable energy sources ; Stock prices ; Stock returns ; three-factor mode ; three-factor model ; Zero
É parte de: Jahrbücher für Nationalökonomie und Statistik, 2009-10, Vol.229 (5), p.570-583
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: This paper analyzes the effect of the 2002 German federal elections to the Lower House of Parliament (Bundestag) on the financial performance of German energy corporations. We consider the last minute victory of the government coalition consisting of Social Democrats and the Green party which was generally associated with a major shift in energy policy towards the promotion of renewable energies and a phasing out of nuclear energy. Our event study approach is based on the application of the Fama-French three-factor model to estimate abnormal stock returns. The results of the empirical analysis imply neither for traditional utilities nor for renewable energy corporations any robust positive or negative impact of the elections and therefore of the general energy policy direction of the government in the next legislative period.
Editor: Stuttgart: LUCIUS & LUCIUS
Idioma: Inglês

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2002 German Federal Elections and Associated Energy Policy: How Were Energy Corporations Financially Affected?

Oberndorfer, Ulrich ; Ziegler, Andreas

Stuttgart: LUCIUS & LUCIUS

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