论文标题
极端天气事件后，对停电的股票价格反应：得克萨斯州电力停电的证据
Stock price reaction to power outages following extreme weather events: Evidence from Texas power outage
论文作者
论文摘要
在这项研究中，我们评估了自然灾害对受影响县的公司的股票（市场）价值的影响。我们能够衡量受2021年德克萨斯州冬季风暴影响的公司股票价格的变化。为了衡量由于暴风雨引起的异常回报，我们使用了四个不同的基准模型：（1）市场调整的模型，（2）市场模型，（3）Fama-French三因素模型和（4）Fama French Plus Momentum Models。这些金融中的统计模型表征了正常的风险返回权衡。
In this study, we evaluate the effects of natural disasters on the stock (market) values of firms located in the affected counties. We are able to measure the change in stock prices of the firms affected by the 2021 Texas winter storm. To measure the abnormal return due to the storm, we use four different benchmark models: (1) the market-adjusted model, (2) the market model, (3) the Fama-French three-factor model, and (4) the Fama French plus momentum model. These statistical models in finance characterize the normal risk-return trade-off.
