Has Stock Markets' Reaction to Terrorist Attacks Changed throughout Time?: Comparative Evidence from a Large and a Small Capitalisation Market

An expanding body of literature has addressed the question of the economic impact terrorist attacks have. A part of this literature has focused on the impact recent major terrorist hits had on financial markets. The question addressed by this paper is to what extent markets' reaction to major terrorist hits has changed over time. A large - the London stock exchange - and a small - the Athens stock exchange - capitalization market are used as the vehicles for the empirical investigation. Results from event study methodology as well as from conditional volatility models used here do no seem to point to any clear and unequivocal picture. Both markets appear to react selectively to terrorist events with no evidence of a noticeable change through time. Generally the effects appear to be transitory in both markets and seem to depend on the political and symbolic significance of the target hit. Market size and maturity also seem to influence the degree of the effects.terrorism, financial markets, volatility, event study

Has Stock Markets' Reaction to Terrorist Attacks Changed throughout Time? Comparative Evidence from a Large and a Small Capitalisation Market

An expanding body of literature has addressed the question of the economic impact terrorist attacks have. A part of this literature has focused on the impact recent major terrorist hits had on financial markets. The question addressed by this paper is to what extent markets' reaction to major terrorist hits has changed over time. A large - the London stock exchange - and a small - the Athens stock exchange - capitalization market are used as the vehicles for the empirical investigation. Results from event study methodology as well as from conditional volatility models used here do no seem to point to any clear and unequivocal picture. Both markets appear to react selectively to terrorist events with no evidence of a noticeable change through time. Generally the effects appear to be transitory in both markets and seem to depend on the political and symbolic significance of the target hit. Market size and maturity also seem to influence the degree of the effects

Istanbul Stock Market’s Reaction To Terrorist Attacks

Terörist saldırıların sermaye piyasalarını da kapsayan birçok sektör ve faaliyet üzerinde olumsuz etki yaratabilecek çeşitli ekonomik yansıması olabilmektedir. Bu makale, üç ana terörist saldırının önemli yükselen uluslararası borsalardan biri olan İstanbul Borsası üzerindeki etkilerini incelemektedir. Hem genel endeksin hem de sektörel endekslerin verdiği tepkiler araştırılmaktadır. Burada sunulan sonuçlara göre bazı durumlarda anlamlı tepkiler verilmiş olsa da bu tepkiler kısa süreli olmuş ve endeks çabuk toparlanmıştır. Sektörel endekslerden en olumsuz etkilenen turizm sektörü olmuştur.Terrorist attacks can have a multitude of economic consequences that may adversely affect a number of economic sectors and activities including capital markets. This paper examines the impact of three major terrorist incidents on the Istanbul Stock Exchange, one of the major emerging markets internationally. The reaction of both the general index as well as sectorial indices is investigated. The findings reported herein indicate that the impact, although significant in certain cases, had only short-lived effects since the market rebound was fairly quick. Of the sectorial indices, the tourist industry is found to be more adversely affected by these events

Terrorism and Capital Markets: The Effects of the Istanbul Bombings

Beyond the loss of life and personal injuries that the victims of terrorist actions suffer and the atmosphere of fear terrorists seek to create with their premeditated use of brutal violence, terror also has real economic and political costs that go beyond the immediate costs and damages of a terrorist attack. Terrorist actions can have a multitude of economic consequences that may adversely affect a number of economic indices, sectors and activities including their impact on capital markets. This paper sets out to examine the effect of these attacks on the Turkish Stock Market. It focuses its empirical investigation on the Istanbul stock-market and the impact that recent major terrorist incidents exerted on market behaviour. Findings reported herein indicate in some cases significant abnormal returns

Istanbul Stock Market’s Reaction To Terrorist Attacks

Terörist saldırıların sermaye piyasalarını da kapsayan birçok sektör ve faaliyet üzerinde olumsuz etki yaratabilecek çeşitli ekonomik yansıması olabilmektedir. Bu makale, üç ana terörist saldırının önemli yükselen uluslararası borsalardan biri olan İstanbul Borsası üzerindeki etkilerini incelemektedir. Hem genel endeksin hem de sektörel endekslerin verdiği tepkiler araştırılmaktadır. Burada sunulan sonuçlara göre bazı durumlarda anlamlı tepkiler verilmiş olsa da bu tepkiler kısa süreli olmuş ve endeks çabuk toparlanmıştır. Sektörel endekslerden en olumsuz etkilenen turizm sektörü olmuştur.Terrorist attacks can have a multitude of economic consequences that may adversely affect a number of economic sectors and activities including capital markets. This paper examines the impact of three major terrorist incidents on the Istanbul Stock Exchange, one of the major emerging markets internationally. The reaction of both the general index as well as sectorial indices is investigated. The findings reported herein indicate that the impact, although significant in certain cases, had only short-lived effects since the market rebound was fairly quick. Of the sectorial indices, the tourist industry is found to be more adversely affected by these events

External factors and capital markets

The study therefore focuses on the effects of unforeseen events on developed and emerging capital markets, trying to calculate the effect on sectors or firms in order to better understand them and reduce uncertainty.Η παρούσα μελέτη λοιπόν εστιάζει στις επιπτώσεις απρόβλεπτων γεγονότων σε ανεπτυγμένες και μη χρηματιστηριακές αγορές, προσπαθώντας να διακρίνει κλάδους και εταιρίες που επηρεάζονται, με στόχο την κατανόηση των επιπτώσεων, τον εξορθολογισμό των απρόβλεπτων γεγονότων και τη μείωσητης αβεβαιότητας

Ultrasonographic measurement of the dividing membrane in twin pregnancy during the second and third trimesters: a reproducibility study

OBJECTIVE: Our purpose was to examine the reproducibility of intertwin membrane thickness measurements used to predict chorionicity in twin pregnancies

Terrorism and capital markets: The effects of the Madrid and London bomb attacks

Using event study methodology and GARCH family models, the paper investigates the effects of two terrorist incidents - the bomb attacks of 11th March 2004 in Madrid and 7th July 2005 in London - on equity sectors. Significant negative abnormal returns are widespread across the majority of sectors in the Spanish markets but not so in the case of London. Furthermore, the market rebound is much quicker in London compared to the Spanish markets where the attackers were not suicide bombers. Nevertheless, the overall findings point to only a transitory impact on return and volatility that does not last for a long period. (C) 2010 Elsevier Inc. All rights reserved

Variation in sulfation pattern containing proteoglycans development of uterine of galactosaminoglycan is associated with the leiomyoma

The variations in sulfation patterns of glycosaminoglycans (GAGs) present in human normal myometrium, and uterine leiomyoma were characterized following specific enzymic treatments and analysis by high-performance capillary electrophoresis (HPCE). Differences in the disaccharide composition of galactosaminoglycans (GalAGs) between normal myometrium and uterine leiomyoma were found. The results of this study suggest that the development of uterine leiomyoma is closely related not only to quantitative changes in the amount of GAGs but also in the sulfation of GalAGs. These differences may be attributed to increased synthesis of fibrotic connective tissue and deposition of collagen. Copyright (C) 2004 John Wiley Sons, Ltd

ARMED CONFLICTS AND CAPITAL MARKETS: THE CASE OF THE ISRAELI MILITARY OFFENSIVE IN THE GAZA STRIP

This paper addresses the issue of the impact that armed conflicts have on capital markets. It focuses on the recent Israeli military offensive in the Gaza Strip launched in late 2008 and concluded in early 2009. The paper examines the effects of this armed conflict on the return and volatility of the general index of the Tel Aviv Stock Exchange (TASE), as well as on the government bond index. Furthermore, event study methodology is applied to identify markets' reactions to the Israeli military operations in the Gaza Strip