| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17185 |
| DP17185 Proximity to War: The stock market response to the Russian invasion of Ukraine | |
| Jonathan Federle; Gernot Müller; André Meier; Victor Sehn | |
| 发表日期 | 2022-06-01 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The outbreak of a war exposes countries and firms in its proximity to the risk of military escalation. Disaster risk goes up and stock markets decline accordingly. In support of this hypothesis, we identify a "proximity penalty" in the stock market response to the Russian invasion of Ukraine. The closer countries and---even within countries---firms are located to Ukraine, the more negative their equity returns in a four-week window around the start of the war. Controlling for trade-related spillovers, 1,000 kilometers of extra distance equate to 1.1 percentage points in equity returns. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Rare disasters Proximity penalty War Military spillovers International conflicts Russia Ukraine Trade Neighbors |
| URL | https://cepr.org/publications/dp17185-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546393 |
| 推荐引用方式 GB/T 7714 | Jonathan Federle,Gernot Müller,André Meier,et al. DP17185 Proximity to War: The stock market response to the Russian invasion of Ukraine. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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