Abstract
This article compares the risk of nuclear and nonnuclear electric utilities in the period from 1980 through 1983 (the post TMI period) with the risk of utilities in the period from 1975 through February 1979 (the pre-TMI period). The observed changes in risk are evaluated by comparisons with two other groups consisting of airlines and petroleum companies. Risk is measured as total risk, systematic risk, and firm-specific risk. The sample is divided into nonnuclear utilities and three separate types of nuclear utilities. Little evidence exists to support the hypothesis that total risk has been greater in the post-TMI period, either for nuclear or nonnuclear utilities. However, firm-specific risk has increased dramatically (while systematic risk has declined substantially).
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