| dc.description.abstract | This study investigates the impact of Japan's decision to release nuclear wastewater from the Fukushima Daiichi nuclear power plant on the stock prices of marine fisheries in Japan and China. By using event study methodology and various financial models, including the Capital Asset Pricing Model (CAPM), the Fama-French three-factor (FF-3) model, and the CH-3 model, the research analyzes the immediate, medium-term and long-term effects on the stock returns of marine fisheries companies. The empirical results show sustained negative impacts on the Japanese market, while the Chinese market displays a short-term positive impact followed by a significant long-term negative impact. In the Japanese market, the shift in parameter is significant, suggesting an increase in systematic risk. On the other hand, the Chinese market shows an increase of sensitivity to market factor, but the shift is not significant, indicating no structural change in systematic risk. This paper provides important insights to investors and policymakers for managing portfolio risks and understanding market dynamics related to climate policy shocks. The study adds to the existing literature by pointing out the different market reactions in Japan and China, highlighting the need for customized risk management strategies. | |
