2002 German Federal Elections and Associated Energy Policy: How Were Energy Corporations Financially Affected?

Oberndorfer Ulrich () and Andreas Ziegler
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Oberndorfer Ulrich: Federal Ministry of Economics and Technology, Scharnhorststr. 34–37, 10115 Berlin, Germany

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2009, vol. 229, issue 5, 570-583

Abstract: This paper analyzes the effect of the 2002 German federal elections to the Lower House of Parliament (Bundestag) on the financial performance of German energy corporations.We consider the last minute victory of the government coalition consisting of Social Democrats and the Green party which was generally associated with a major shift in energy policy towards the promotion of renewable energies and a phasing out of nuclear energy. Our event study approach is based on the application of the Fama-French three-factor model to estimate abnormal stock returns. The results of the empirical analysis imply neither for traditional utilities nor for renewable energy corporations any robust positive or negative impact of the elections and therefore of the general energy policy direction of the government in the next legislative period.

Keywords: Elections; energy policy; corporate financial performance; event study; three-factor mode; Elections; energy policy; corporate financial performance; event study; three-factor mode (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:229:y:2009:i:5:p:570-583

DOI: 10.1515/jbnst-2009-0504

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