文章基本信息

标题：How Different Terrorist Attacks Affect Stock Returns Evidence from Pakistan Stock Exchange
本地全文：下载
作者：Hashmat Ali ; Wang Qingshi ; Zulfiqar Ali Memon 等
期刊名称：International Research Journal of Finance and Economics
印刷版ISSN：1450-2887
电子版ISSN：1450-2887
出版年度：2017
期号：163
页码：103-120
出版社：European Journals Inc.
摘要：The global financial markets have responded in an extremely steady pattern after the United States 9/11 event, 2002 Bali's night clubs blast suicide, the train bombing in 2004-2005 in London and Madrid and similarly the suicide attacks by a terrorist in Pakistan. In this paper, we studied the return in Karachi stock market which is occurred due to the terrorist attack news. We applied the model which lets bad and good news to have changed effects on volatility. The finding is carried out applying the event study methodology. Our finding shows the news of terrorist attacks has an adverse effect on stock return. Though the KSE 100 index volatility increased by these events Pakistan stock exchange negatively affected by terrorist attacks. The effect of attack depends on attack type, Locations, and target type. The most severe the attack, the more number of people killed the more adverse effects on KSE 100 index return. Very interestingly, capital market covers news regarding future attacks. In total, diverse strategies of terrorists have a different effect on the capital market, it is turn can forecast the attacks of terrorist.
关键词：Stock Exchange; Terrorism; Event study