恐怖袭击对全球部门资本市场的影响:一项实证研究

IF 1.1 Q3 ECONOMICS
Stelios N. Markoulis, N. Neofytou
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引用次数: 5

摘要

本文研究了2001年至2017年期间在美国和欧洲发生的15起重大恐怖袭击对全球一般股票市场指数以及特定行业指数的影响,即(1)航空公司,(2)全球酒店、餐馆和休闲(酒店业),以及(3)全球公用事业。使用事件研究方法,我们表明攻击倾向于在攻击当天导致显着的负异常回报,有时会持续几天。正如预期的那样,就规模和持续时间而言,对全球航空业和酒店业的不利市场影响似乎比全球公用事业行业更为明显。自2015年以来,欧洲发生的恐怖袭击没有对全球市场产生不利影响,只有最近的两次例外(伦敦桥恐怖袭击和巴塞罗那恐怖袭击,均发生在2017年)。这或许表明,就在投资者和市场似乎已经学会如何应对恐怖袭击时,后两起事件再次引发了一些担忧。我们的研究结果对短期和长期全球投资者策略的影响进行了讨论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The impact of terror attacks on global sectoral capital markets: An empirical study
This article examines the effects of fifteen major terror attacks perpetrated in the U.S. and Europe between 2001 and 2017 on a general global stock market index as well as on industry-specific indices, namely (1) airlines, (2) global hotels, restaurants, and leisure (hospitality), and (3) global utilities. Using an event-study method, we show that attacks tend to result in significant negative abnormal returns on the day of attack which, on occasion, persist for a few days. As expected, adverse market effects appear more pronounced, in terms of magnitude and persistence, for the global airline and hospitality industries than for the global utilities industry. Attacks in Europe since 2015 show no adverse global market effects, with two late exceptions (the London Bridge and Barcelona attacks, both in 2017). This might suggest that just when investors and markets seemed to have learned to cope with attacks, these two latter events caused some concern again. Implications of our findings for short- and long-term global investor strategy are discussed.
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CiteScore
1.00
自引率
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发文量
7
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