Russia–Ukraine crisis: The effects on the European stock market

Russia–Ukraine crisis: The effects on the European stock market

We examine the effect of the Russia–Ukraine crisis on the European stock markets. Because of increased political uncertainty, geographic proximity and the ramifications of the fresh sanctions imposed on Russia, the European stock markets tended to react negatively to this crisis. We find that on 21...

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Veröffentlicht in:European financial management : the journal of the European Financial Management Association 2023-09, Vol.29 (4), p.1078-1118
Hauptverfasser: Ahmed, Shaker, Hasan, Mostafa M., Kamal, Md Rajib
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Sprache:eng
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event study
political uncertainty
Russia–Ukraine crisis
stock returns
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container_title European financial management : the journal of the European Financial Management Association
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creator Ahmed, Shaker
Hasan, Mostafa M.
Kamal, Md Rajib
description We examine the effect of the Russia–Ukraine crisis on the European stock markets. Because of increased political uncertainty, geographic proximity and the ramifications of the fresh sanctions imposed on Russia, the European stock markets tended to react negatively to this crisis. We find that on 21 February 2022, when Russia recognized two Ukrainian states as autonomous regions, European stocks incurred a significant negative abnormal return. Moreover, the negative stock price reactions continued in the post‐event period. The magnitude of the stock price reactions to this crisis exhibits considerable variation across industries, countries and size of the company.
doi_str_mv 10.1111/eufm.12386
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source Wiley Online Library Journals Frontfile Complete; EBSCOhost Business Source Complete
subjects event study
political uncertainty
Russia–Ukraine crisis
stock returns
title Russia–Ukraine crisis: The effects on the European stock market
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