Hostname: page-component-78c5997874-4rdpn Total loading time: 0 Render date: 2024-11-15T07:12:17.476Z Has data issue: false hasContentIssue false
  • English
  • Français

Intra-Industry Effects of the Accident at Three Mile Island

Published online by Cambridge University Press:  06 April 2009

Robert M. Bowen ,
Richard P. Castanias  and
Lane A. Daley
Get access Rights & Permissions [Opens in a new window]

Extract

On March 28, 1979, failure occurred in one of the two nuclear reactors at the Three Mile Island (TMI) nuclear power generation facility owned by General Public Utilities (GPU). This nuclear “accident” was the first of its type in the United States, and much anecdotal evidence suggests that the accident intensified public concern and increased regulatory activity. Since this event, several proposed nuclear plants have been cancelled; safety rules have been tightened; certification (by the Nuclear Regulatory Commission) of newly completed nuclear plants has been delayed; and the pressure to curtail or ban the use of nuclear technology continues.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 18 , Issue 1 , March 1983 , pp. 87 - 111
Copyright
Copyright © School of Business Administration, University of Washington 1983

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

[1]Boim, N.B.B. “The Effects of Consolidated Edison's 1974 Dividend Omission upon the Common Stock Returns of the Utilities Industry.] The Chicago MBA (Spring 1977), pp. 85–117.Google Scholar
[2]Black, F. [Capital Market Equilibrium with Restricted Borrowing.] Journal of Business, Vol. 45 (07 1972), pp. 444–454.CrossRefGoogle Scholar
[3]“A Dark Future for Utilities.” Business Week (05 28, 1979), pp. 108–124.Google Scholar
[4]Dimson, E. “Risk Measurement When Shares Are Subject to Infrequent Trading.” Journal of Financial Economics, Vol. 7 (1979), pp. 197–226.CrossRefGoogle Scholar
[5]Dixon, W. J., and Massey, F. J.. Introduction to Statistical Analysis. NY: McGraw Hill (1957).CrossRefGoogle Scholar
[6]Edison Electric Institute, Annual Survey of Public Utilities (1977).Google Scholar
[7]Facts on File, published by Facts on File, Inc., 199 W. 57th Street, NY 10019(1978, 1979).Google Scholar
[8]Federal Power Commission et al. v. Hope Natural Gas Company, 320 U.S. 591 (1944) at 603.Google Scholar
[9]Firth, M. “The Impact of Earnings Announcements on Share Price Behavior of Similar Type Firms.” The Economic Journal, Vol. 86 (06 1976), pp. 296–306.CrossRefGoogle Scholar
[10]Foster, G. “Externalities and Financial Reporting.” Journal of Finance, Vol. 35 (05 1980), pp. 521–533.CrossRefGoogle Scholar
[11]Foster, G. “Intra-industry Information Transfers Associated with Earnings Releases.” Journal of Accounting and Economics, Vol. 3 (12 1981), pp. 201–232.CrossRefGoogle Scholar
[12]Fowler, D. J., and Rorke, C. H.. “Risk Measurement When Shares Are Subject to Infrequent Trading: Comment.” Working paper, McGill University (04 1982).Google Scholar
[13]Gibbons, M. R., and Hess, P.. “Day of the Week Effects and Asset Returns.” Journal of Business, Vol. 54 (10 1981), pp. 579–596.CrossRefGoogle Scholar
[14]Grant, D. “Portfolio Performance and the ‘Cost’ of Timing Decisions.” Journal of Finance, Vol. 32 (06 1977), pp. 837–846.Google Scholar
[15]Grant, D. “Market Timing and Portfolio Management.” Journal of Finance, Vol. 33 (09 1978), pp. 1119–1131.Google Scholar
[16]Harrington, D. “The Changing Use of the Capital Asset Pricing Model in Utility Regulation.” Public Utilities Fortnightly, Vol. 105, (02 14, 1980). pp. 28–30.Google Scholar
[17]Hirshleifer, Jack.Price Theory and Applications. Englewood Cliffs, NJ: Prentice-Hall, Inc. (1976).Google Scholar
[18]King, B. “Market and Industry Factors in Stock Price Behavior.” Journal of Business. Vol. 39 (1966), pp. 139–190.CrossRefGoogle Scholar
[19]Lev, B. “On the Association between Operating Leverage and Risk.” Journal of Financial and Quantitative Analysis, Vol. 11 (09 1976), pp. 627–641.Google Scholar
[20]Lintner, J. “Security Prices, Risk, and Maximal Gains from Diversification.” Journal of Finance, Vol. 20 (12 1965), pp. 587–615.Google Scholar
[21]Moody's, . “A Nation-wide Survey of Public Utility Progress.” Moody Public Utilities (1979), pp. a1–a113.Google Scholar
[22]Myers, S. C. “The Application of Finance Theory to Public Utility Rate Cases.” The Bell Journal of Economics and Management Science, Vol. 3 (Spring 1972), pp. 58–97.CrossRefGoogle Scholar
[23]Pettway, R. H. “On the Use of β in Regulatory Proceedings: An Empirical Examination.” The Bell Journal of Economics, Vol. 9 (Spring 1978), pp. 239–248.Google Scholar
[24]Ross, S. A. “The Arbitrage Theory of Capital Asset Pricing.” Journal of Economic Theory, Vol. 13 (12 1976), pp. 341–360.CrossRefGoogle Scholar
[25]Scholes, Myron, and Williams, Joseph. “Estimating Betas from Nonsynchronous Data.” Journal of Financial Economics, Vol. 5 (12 1977), pp. 309–327.CrossRefGoogle Scholar
[26]Sharpe, W. “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk.” Journal of Finance, Vol. 19 (09 1964), pp. 425–442.Google Scholar
[27]Shearson, . “Equity Research—Utilities.” (1979).Google Scholar
[28]Siegel, S.Nonparametric Statistics for the Behavioral Sciences. NY: McGraw-Hill (1956).Google Scholar