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Abnormal Stock Returns as a leading indicator of crisis
Defining the main indicators of crisis has always been a relevant topic for investors, policy makers and company management. Large systemic risks are forcing many large firms both permanently and temporarily to leave foreign markets. Such step may entail the future crisis for these companies especially if the firms are dependent on the profit they had been gaining from this market. This study aims to determine the leading crisis indicators using the sample of 185 firms which restricted the investments in one of the foreign branches by April 2022.The reverse event study and the binary probability model - the logistic approach was implemented to achieve the purpose of the study. The results showed that crisis may occur for 97 companies out of 185 ones. Moreover, the Current ratio, Profit Margin, Debt to Equity and ROE turned to be significant indicators of the future crisis forecast for these companies.