Stock market responses to chemical accidents in Japan: An event study

Despite recent major chemical process accidents in Japan, the top management teams of firms still avoid taking costly risk reduction measures because of their low perceived impact on firm performance. The disclosure of information on accident risks might motivate managers to enhance workplace safety because of the subsequent evaluation of firms by investors in stock markets. If the disclosed risk information is newly available for investors, firms with a high risk of accidents would receive a poor evaluation by stock markets and thus managers would take risk reduction measures to prevent stock prices from declining. In this study, we conduct an event study analysis to examine whether accident risk information is already reflected in stock prices, using data on the Japanese chemical industry. The results of our event study show that the estimated cumulative average abnormal returns of firms' stocks are significantly negative after severe accidents actually occurred. This finding implies that risk information is not already reflected in the stock prices of Japanese chemical firms and that the disclosure of accident risk information has the potential to motivate the top management teams of firms to reduce their firms’ accident risk.     

Determination of anti-anxiety and anti-epileptic drugs in hospital effluent and a preliminary risk assessment

In this study, an analytical methodology was developed for the determination of psycho-active drugs in the treated effluent of the University Hospital at the Federal University of Santa Maria, RS – Brazil. Samples were collected from point A (Emergency) and point B (General effluent). The adopted methodology included a pre-concentration procedure involving the use of solid phase extraction and determination by liquid chromatography coupled to mass spectrometry. The limit of detection for bromazepam and lorazepam was 4.9 ± 1.0 ng L⁻¹ and, for carbamazepine, clonazepam and diazepam was 6.1 ± 1.5 ng L⁻¹. The limit of quantification was 30.0 ± 1.1 ng L⁻¹, for bromazepam, clonazepam and lorazepam; for carbamazepine was 50.0 ± 1.8 ng L⁻¹ and was 40.0 ± 1.0 ng L⁻¹ for diazepam. The mean concentrations in the Emergency and General effluent treated currents were as follows: for bromazepam, 195 ± 6 ng L⁻¹ and 137 ± 7 ng L⁻¹; for carbamazepine, 590 ± 6 ng L⁻¹ and 461 ± 10 ng L⁻¹; for diazepam, 645 ± 1 ng L⁻¹ and 571 ± 10 ng L⁻¹; for lorazepam, 96 ± 7 ng L⁻¹ and 42 ± 4 ng L⁻¹; and for clonazepam, 134 ± 10 ng L⁻¹ and 57 ± 10 ng L⁻¹. A preliminary risk assessment was conducted: carbamazepine and diazepam require considerable attention owing to their environmental toxicity. The occurrence of these psychoactive-drugs and the environmental risks that they pose demonstrated the need for a more efficient treatment system. As far we are aware, there have been no comparable studies to this on the hazards of hospital effluents in Brazil, and very few that have carried out a risk assessment of psycho-active drugs in hospital effluent in general.     

Hg concentrations and related risk assessment in coral reef crustaceans, molluscs and fish from New Caledonia

There is a dramatic lack of data on Hg levels in marine organisms from tropical areas, and in particular from New Caledonia. For the first time, this study reports the total Hg concentrations in the tissues of several marine taxa from the New Caledonian lagoon. Seafood from both wild and farmed populations was considered. Hg concentrations varied over three orders of magnitudes according to factors including species, age (size/weight), trophic level, lifestyle and geographical origin. Taking into account the edible tissues, estimations of the amount of flesh that should be consumed by a 60-kg person to reach the Hg Provisional Tolerable Weekly Intake (PTWI) reveal acceptable risk for Human health in general. However, a risk was clearly identified in one site of the lagoon (i.e. Grande Rade) where high Hg concentrations were measured. These concentrations were higher than values reported in the current literature.     

Vehicle-occupant deaths caused by tornadoes in the United States, 1900–1998

Abstract

Occupants of vehicles encounter an uncertain degree of risk during tornadic storms. The current National Weather Service guidelines suggest we abandon vehicles to lie in a ditch if no sturdy shelter is available. However, these guidelines were developed without the benefit of supporting research. As we are an increasingly vehicle-dependent society, it is important to explore the historical record of vehicle-occupant deaths to see if the National Weather Service guidance is appropriate. The objective of this paper is to investigate the number, distribution, and broad spatial and temporal trends associated with vehicle-occupant deaths that have occurred as a result of tornadoes, and to define the proportion of tornado-induced deaths that have occurred in vehicles.

There were 15,047 deaths caused by tornadoes from 1900 through 1998. Of those, 5685 occurred at a defined site, and 270 were known to have occurred in vehicles. The number of vehicle-occupant deaths, as a proportion of all site-known, tornado-induced deaths, was constant from 1959–1979, but decreased significantly between 1980–1998. The number of deaths was related to several influencing factors. Linear regressions and correlations were employed to determine the degree of relationship between the number of deaths and several explanatory factors. While population, number of vehicle registrations, and number of tornadoes all seemed to influence the number of deaths to some degree, the most significant factor to influence the number of deaths appeared to be vehicle safety features. Most vehicle-occupant deaths occurred during rare F4 tornadoes, when vehicles where thrown from roadways. Regionally, the Great Plains had the highest number of vehicle-occupant deaths from tornadoes.     

Living with nuclear power: Sense of place,proximity, and risk perceptions in local host communities

Previous research notes that sense of place may intensify, and that levels of public risk perception may decrease with proximity to an established hazardous or stigmatised site. In addition, the literature suggests that sense of place may act either to mediate or moderate community perceptions of risk in such localities. This study comprised a major household survey (n = 1326) and an interview study (n = 39) and was conducted close to the nuclear power stations at Oldbury and Hinkley Point, both in the UK. It investigated the roles of perceptions of place and hazard proximity in considering (a) perceptions of risk and (b) public attitudes towards the building of a new nuclear power station in the nearby area. In addition, a novel scale was developed to measure the perceived contribution of the nearby nuclear power station to sense of place. The results suggest first, that sense of place mediates (but does not moderate) perceptions of risk in very proximate communities, and second, that public attitudes to new build in communities situated very close to established nuclear sites may be largely dependent on the extent to which the existing facility is perceived to contribute towards sense of place. The implications of these results for existing theory are discussed.     

Plant/soil concentration ratios for paired field and garden crops, with emphasis on iodine and the role of soil adhesion

In the effort to predict the risks associated with contaminated soils, considerable reliance is placed on plant/soil concentration ratio (CR) values measured at sites other than the contaminated site. This inevitably results in the need to extrapolate among the many soil and plant types. There are few studies that compare CR among plant types that encompass both field and garden crops. Here, CRs for 40 elements were measured for 25 crops from farm and garden sites chosen so the grain crops were in close proximity to the gardens. Special emphasis was placed on iodine (I) because data for this element are sparse. For many elements, there were consistent trends among CRs for the various crop types, with leafy crops > root crops ≥ fruit crops ≈ seed crops. Exceptions included CR values for As, K, Se and Zn which were highest in the seed crops. The correlation of CRs from one plant type to another was evident only when there was a wide range in soil concentrations. In comparing CRs between crop types, it became apparent that the relationships differed for the rare earth elements (REE), which also had very low CR values. The CRs for root and leafy crops of REE converged to a minimum value. This was attributed to soil adhesion, despite the samples being washed, and the average soil adhesion for root crops was 500 mg soil kg⁻¹ dry plant and for leafy crops was 5 g kg⁻¹. Across elements, the log CR was negatively correlated with log Kd (the soil solid/liquid partition coefficient), as expected. Although, this correlation is expected, measures of correlation coefficients suitable for stochastic risk assessment are not frequently reported. The results suggest that r ≈ −0.7 would be appropriate for risk assessment.     

Pilot sample risk analysis for underground coal mine fires and explosions using MSHA citation data

After three decades of sustained continuous improvement of mine safety performances in the US, mine disasters in 2006 and 2007 compromised an excellent record and presented new challenges and vulnerabilities for the underground coal mining industry. In the aftermath of the incidents, formal investigations and new scrutiny of mine safety by the US Congress and expert study groups followed. The US Congress passed the Mine Improvement and New Emergency Response Act of 2006 (MINER Act), which mandated new laws to address the issues, including those related to mine fires and explosions from which miners must be protected. The National Mining Association-sponsored Mine Safety Technology and Training Commission report highlighted the role of risk analysis and management in identifying and controlling major hazards, such as fires and explosions. In this paper an approach is given for analyzing the risks for fires and explosions based on the Mine Safety and Health Administration citation database. Using 2006 citation data and focusing on subsystem failures, the methodology is applied to a database for a pilot sample of underground coal mines stratified by mine size and state.     

Group utility indifference and resource management decision making

Natural resource managers often rely on the advice of specialists to aid decision making. However, disagreement among these specialists about the relative value of particular management objectives or the risks associated with implementing certain management strategies may complicate the decision effort. Multiattribute utility analysis can facilitate decision making by indicating how attributes of a problem are weighed by individual specialists. This information can then be used to outline bands of potential problem solutions that are acceptable to the advising group and may allow management to further its own objectives (possibly increased efficiency).An example is presented that relates to fire management planning efforts on national forests. Multiattribute utility functions developed from a survey of fire management professionals are used to identify utility-maximizing fire management strategies based on each strategy's level of economic efficiency and risk. Bands of utility-indifferent potential solutions are outlined based on measures of group consensus. It is pointed out that a subset of these would further management's goal (increased efficiency) without significantly altering the value assigned to the risk attribute by the specialists. Finally, the robustness of the technique is discussed with particular reference to environmental management problems and the role that proxy information often plays in decision making.     

Earthquake risk reduction: An examination of local regulatory efforts

We develop an understanding of local governmental efforts to address earthquake risks. Our data for a sample of California and Washington cities' risk-reduction efforts sort into two different clusters of leading jurisdictions as contrasted with a cluster of lagging jurisdictions. We explain differences among the three categories of cities in terms of different political-economic factors. Local governmental willingness and ability to undertake risk-reduction programs have more to do with local political demands and community resources than with objective risk or previous earthquake experience. State mandates have a selective impact on local risk-reduction efforts. The principal policy lessons concern the need to address gaps in local risk-reduction efforts through more careful targeting of federal and state earthquake programs and by including stronger teeth within state mandates.