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    Stock Market’s Reactions to Industrial Accidents: Evidence from Chinese Listed Companies

    Access Status
    Fulltext not available
    Authors
    Wei, J.
    Wang, H.
    Guo, Xiumei
    Date
    2014
    Type
    Journal Article
    
    Metadata
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    Citation
    Wei, J. and Wang, H. and Guo, X. 2014. Stock Market’s Reactions to Industrial Accidents: Evidence from Chinese Listed Companies. International Journal of Business Analytics. 1 (2): pp. 18-33.
    Source Title
    International Journal of Business Analytics
    DOI
    10.4018/ijban.2014040102
    ISSN
    2334-4547
    School
    Sustainable Policy Institute (CUSP)
    URI
    http://hdl.handle.net/20.500.11937/38822
    Collection
    • Curtin Research Publications
    Abstract

    This study attempts to explore whether and how stock market responds to industrial accidents. We employ the event study method to look into the responses of stock markets to 83 accidents experienced by various listed companies in China, and explore how industrial accidents influence stock market in the different markets. Findings imply that the stock market shows negative reaction with respect to these accidents. However, as time goes by, the market reaction tapers off. In the bear market, the negative market reaction was highly significant. Small-sized companies, in comparison with other companies, have a most significant reaction to accidents and they also have the worst ability to recover from accidents. The findings of this study can help the investors to better understand how the stock market reacts to the industrial accidents in different market environments and under other conditions.

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