Empirical analysis of the impact of 2003 blackout on security values of U.S. utilities and electrical equipment manufacturing firms

Sung Kwan Joo; Jang Chul Kim; Chen Ching Liu

doi:10.1109/TPWRS.2007.901278

Empirical analysis of the impact of 2003 blackout on security values of U.S. utilities and electrical equipment manufacturing firms

Sung Kwan Joo, Jang Chul Kim, Chen Ching Liu

School of Electrical Engineering

Research output: Contribution to journal › Article › peer-review

45 Citations (Scopus)

Abstract

On August 14, 2003, the U.S. faced the largest blackout in history, which left over 50 million people without electricity in eight U.S. states and part of Canada. This paper investigates the effects of the blackout on the security values of the U.S. electric utilities and manufacturing firms in the electric power equipment industry, using an event study method. The results of this empirical study show that the electric utilities were negatively affected, but the electrical equipment manufacturing firms were significantly, positively affected.

Original language	English
Pages (from-to)	1012-1018
Number of pages	7
Journal	IEEE Transactions on Power Systems
Volume	22
Issue number	3
DOIs	https://doi.org/10.1109/TPWRS.2007.901278
Publication status	Published - 2007 Aug

Bibliographical note

Funding Information:
Manuscript received February 16, 2007. This work was supported by MOCIE under the EIRC program with APSRC at Korea University. Paper no. TPWRS-00117-2007. S.-K. Joo is with the School of Electrical Engineering, Korea University, Seoul, Korea (e-mail: skjoo@korea.ac.kr). J.-C. Kim is with the Department of Finance, College of Business, North Dakota State University, Fargo, ND 58105 USA (e-mail: jc.kim@ndsu.edu). C.-C. Liu is with the Department of Electrical and Computer Engineering, Iowa State University, Ames, IA 50011 USA (e-mail: liu@iastate.edu). Digital Object Identifier 10.1109/TPWRS.2007.901278

Keywords

Blackout
Electric utilities
Risk analysis

ASJC Scopus subject areas

Energy Engineering and Power Technology
Electrical and Electronic Engineering

Access to Document

10.1109/TPWRS.2007.901278

Cite this

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abstract = "On August 14, 2003, the U.S. faced the largest blackout in history, which left over 50 million people without electricity in eight U.S. states and part of Canada. This paper investigates the effects of the blackout on the security values of the U.S. electric utilities and manufacturing firms in the electric power equipment industry, using an event study method. The results of this empirical study show that the electric utilities were negatively affected, but the electrical equipment manufacturing firms were significantly, positively affected.",

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Empirical analysis of the impact of 2003 blackout on security values of U.S. utilities and electrical equipment manufacturing firms

Abstract

Bibliographical note

Keywords

ASJC Scopus subject areas

Access to Document

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