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Int. J. Environ. Res. Public Health 2017, 14(6), 600; doi:10.3390/ijerph14060600

Risk Perceptions on Hurricanes: Evidence from the U.S. Stock Market

1
Department of Financial Economics, Pablo de Olavide University, 41013 Seville, Spain
2
Department of Geography, Pablo de Olavide University, 41013 Seville, Spain
3
EY Climate Change and Sustainability Assurance, 41013 Seville, Spain
*
Author to whom correspondence should be addressed.
Academic Editor: Jason K. Levy
Received: 16 March 2017 / Revised: 23 May 2017 / Accepted: 23 May 2017 / Published: 5 June 2017
(This article belongs to the Special Issue Human Health, Risk Analysis and Environmental Hazards)
View Full-Text   |   Download PDF [3486 KB, uploaded 5 June 2017]   |  

Abstract

This article examines the market reaction of the main Property and Casualty (P & C) insurance companies listed in the New York Stock Exchange (NYSE) to seven most recent hurricanes that hit the East Coast of the United States from 2005 to 2012. For this purpose, we run a standard short horizon event study in order to test the existence of abnormal returns around the landfalls. P & C companies are one of the most affected sectors by such events because of the huge losses to rebuild, help and compensate the inhabitants of the affected areas. From the financial investors’ perception, this kind of events implies severe losses, which could influence the expected returns. Our research highlights the existence of significant cumulative abnormal returns around the landfall event window in most of the hurricanes analyzed, except for the Katrina and Sandy Hurricanes. View Full-Text
Keywords: natural hazards; hurricanes; risk perceptions; financial markets; event study natural hazards; hurricanes; risk perceptions; financial markets; event study
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Feria-Domínguez, J.M.; Paneque, P.; Gil-Hurtado, M. Risk Perceptions on Hurricanes: Evidence from the U.S. Stock Market. Int. J. Environ. Res. Public Health 2017, 14, 600.

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