The market reaction to operational risk events in the energy sector
研究了1996至2021年间452起能源企业操作损失事件公告对股价的影响，发现公告后出现显著负异常收益，且影响因事件和公司特征而异，对投资者和监管者有参考价值。
Abstract Despite the growing importance of operational risk, little is known about the impact of operational losses on the stock prices of energy firms. We fill this void by examining the market reaction of energy firms to a unique international sample of 452 operational loss events announced between 1996 and 2021, constructed using the SAS OpRisk Global Data database. Our results reveal negative and significant abnormal returns following the announcement of operational losses, while further analysis shows that results vary with event and/or announcing firm characteristics. Our evidence can help inform multiple stakeholders in the energy industry in the pricing, asset allocation, and risk management functions, as well as help regulators design effective mechanisms to mitigate the impact of operational losses on the economy and society.