The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
The impact of the Ukraine–Russia war on world stock market returns
Open accessAbstract
As a topical issue, this paper studies the responses of world stock market indices to the ongoing war between Ukraine and Russia. Using daily stock market returns in a sample of 94 countries and covers the period from 22 January 2022 to 24 March 2022, we consistently document a negative relationship between the Ukraine-Russia war and world stock market returns. Our results point to a larger impact at the onset of war, especially during the first two weeks after the invasion of Ukraine on 24 February 2022. The reaction of global stock markets was weaker in the weeks that followed. Furthermore, we find that these effects were most pronounced for countries bordering Ukraine and Russia, as well as for those UN member states that demanded an end to the Russian offensive in Ukraine. Overall, we provide the first empirical evidence of the effect of the Ukraine-Russia war on world stock market returns.
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Cites
Sentiment and stock prices: The case of aviation disasters
Kaplanski, G., & Levy, H. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2009.10.002 · Cited by 608
Quantifying Wikipedia Usage Patterns Before Stock Market Moves
Moat, H. S., Curme, C., Avakian, A., Kenett, D. Y., Stanley, H. E., & Preis, T. (2013) · Scientific Reports · doi:10.1038/srep01801 · Cited by 317
The price of terror: The effects of terrorism on stock market returns and volatility
Arin, K. P., Ciferri, D., & Spagnolo, N. (2008) · Economics Letters · doi:10.1016/j.econlet.2008.07.007 · Cited by 289
War and stock markets: The effect of World War Two on the British stock market
Hudson, R., & Urquhart, A. (2015) · International Review of Financial Analysis · doi:10.1016/j.irfa.2015.05.015 · Cited by 189
Goel, S., Cagle, S., & Shawky, H. A. (2017) · Journal of Financial Stability · doi:10.1016/j.jfs.2017.11.001 · Cited by 70
Cited by
Russia–Ukraine crisis: The effects on the European stock market
Ahmed, S., Hasan, M. M., & Kamal, M. R. (2023) · European Financial Management · doi:10.1111/eufm.12386 · Cited by 341
Umar, M., Riaz, Y., & Yousaf, I. (2022) · Resources Policy · doi:10.1016/j.resourpol.2022.102966 · Cited by 334
Grain Futures Market Response to the Black Sea Grain Initiative
Steinbach, S., & Yildirim, Y. (2024) · German Journal of Agricultural Economics · doi:10.52825/gjae.v73i2.1343 · Cited by 6
Metadata
- Authors
- Boungou, W., & Yatié, A.
- Venue
- Economics Letters
- Publisher
- Elsevier BV
- Published
- 2022-06
- Volume
- 215
- Pages
- 110516
- ISSN
- 0165-1765 (ISSN-L)
- OpenAlex
- W4224269961
- Cited by
- 565
- References
- 5
- FWCI
- 96.59
- Type
- journal article
- Language
- en
- Open access
- green
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- Boungou, W., & Yatié, A. (2022). The impact of the Ukraine–Russia war on world stock market returns. Economics Letters. https://doi.org/10.1016/j.econlet.2022.110516
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
