alexa How did the French and Belgian Equity Markets React to their Domestic Terrorist Attacks?
ISSN: 2167-0234

Journal of Business & Financial Affairs
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Research Article

How did the French and Belgian Equity Markets React to their Domestic Terrorist Attacks?

Veron JF, Wang I, Duong H, Dang VNT, Pham HNA, Wallace D and Ramiah V*

UniSA Business School, University of South Australia, Australia

*Corresponding Author:
Vikas Ramiah
Associate Professor, UniSA Business School
37-43 North Terrace, City West Adelaide
South Australia 5000, Australia
Tel: +61883027572
E-mail: [email protected]

Received Date: April 26, 2017; Accepted Date: May 24, 2017; Published Date: June 04, 2017

Citation: Veron JF, Wang I, Duong H, Dang VNT, Pham HNA, et al. (2017) How did the French and Belgian Equity Markets React to their Domestic Terrorist Attacks? J Bus Fin Aff 6: 268. doi: 10.4172/2167-0234.1000268

Copyright: © 2017 Veron JF, et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

This paper investigates the effects of domestic terrorist attacks on the stocks listed on French and Belgian stock exchanges. We use two asset pricing models (CAPM and Fama-French Five-Factor Model) to assess how abnormal returns have changed following the attacks. We also estimate short-term and long-term changes in systematic risk around the attacks. Our findings show that the French sectors experienced mixed reactions following the Charlie Hebdo attack and were moderately affected by other terrorist attacks (Paris and Nice). Furthermore, the results indicate that Belgian sectors were sensitive to Brussels terrorist attack in terms of both risk and return.

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