股市对环境灾难和司法判决的反应:以巴西马里亚纳大坝坍塌为例

IF 0.9 3区社会学 Q3 ECONOMICS

International Review of Law and Economics Pub Date : 2023-03-01 DOI:10.1016/j.irle.2022.106105

T.P. Assis, F.F. Cordeiro, L.C. Schiavon

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引用次数: 2

摘要

本研究考察了股票市场对世界采矿业的主要环境灾难之一的反应:巴西的马里亚纳大坝倒塌。基于事件研究，我们评估了灾难对矿业公司异常收益的影响，并调查了事件后的司法判决是否影响了公司。我们的研究结果显示，在事件发生的日子里，出现了显著的负面影响，日回报率下降了5%。在法律努力方面，我们的研究结果表明，当局给予的协调时间和利益被积极解读，降低了市场对马里亚纳大坝灾难后敏捷或严厉惩罚的预期。

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How stock market reacts to environmental disasters and judicial decisions: A case study of Mariana’s dam collapse in Brazil

This study examines the stock market reaction to one of the major environmental disasters of the world mining industry: the Mariana dam collapse in Brazil. Based on an event study, we evaluated the impact on the mining companies’ abnormal returns surrounding the disaster and also investigated whether post-event judicial decisions affected the companies. Our results show a significant negative effect around the days of the event, reporting a 5 % drop in daily returns. Regarding the legal efforts, our findings suggest the coordination time and the benefits granted by authorities as being interpreted positively, reducing market’s expectation of an agile or severe punishment following Mariana’s dam disaster.

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来源期刊

International Review of Law and Economics Multiple-

CiteScore

2.60

自引率

18.20%

发文量

审稿时长

48 days

期刊介绍： The International Review of Law and Economics provides a forum for interdisciplinary research at the interface of law and economics. IRLE is international in scope and audience and particularly welcomes both theoretical and empirical papers on comparative law and economics, globalization and legal harmonization, and the endogenous emergence of legal institutions, in addition to more traditional legal topics.