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Regular version of the site

Article

Анализ влияния терактов на динамику фондовых индексов

Финансы и кредит. 2017. Т. 23. № 10. С. 575-598.
Володин С. Н., Михалев А. Г.

Subject. Features of terrorist attacks which have an impact on stock indices. 117 terrorist acts committed in different countries for the last 28 years (1988-2016) were studied. Particular attention was given to the Russian specific characters.

Aims. To assess the impact of terrorist attacks on the dynamics of stock indices. It will let market participants make better decisions and avoid excessive losses. Eventually it will help the stock market go through a terrorist attack with minimum negative consequences.

Methodology. The methodology comprises historical-logical, graphical, statistical and comparative analysis. It let us describe the impact of different features of terrorist attacks on the dynamics of stock indices. We also systematized analytical information in this field of knowledge.

Results. It was found that the impact of terrorist attacks on the dynamics of stock indices depends on a few factors: a number of victims, a level of an economic development of a country, a day of the terrorist attack, etc. It was proved that the previous market trend has a significant influence on the dynamics of the stock index after the attack. Moreover, it should be noted that the impact of terrorist attacks on different industries is different and depends on a number of factors.

Findings. It was shown that in most cases terrorist attacks have a significant impact on the dynamics of stock indices. According to this, investors should not make rash decisions in order to avoid losses. Results of this work can be used by investors, market-makers and other market participants.