INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY COMPARATIVE STUDIES (IJMCS)
Assessing the Impact of the Turkey-Syria Earthquake on Global Stock Markets
E-ISSN: 4089-4904
P-ISSN: 4279-4976
DOI: https://iigdpublishers.com/article/349
Using the event study and cross-sectional analysis, we show that the impact of the Turkey-Syria earthquake on the leading stock market indices of 53 nations was not uniform. While the global, European, and developed markets exhibit negative returns on t+1 and t+4, positive returns were observed on t+2 and t+3, indicating that market participants later adjusted their perceptions and expectations of the event. The country-wise analysis suggests that investors' optimistic view leads to positive returns. We show that trade dependence and proximity to the event zone negatively impact returns, while past returns just before the event can predict returns during the event windows.
DHAREN KUMAR PANDEY, M. KABIR HASSAN, MAKEEN HUDA & MUHAMMAD ARIF KHAN
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