Browsing by Author "Silva, Francisca Ângelo Monteiro Mendonça da"
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- Impact of terrorism on financial markets : do terrorist events have a significant impact on financial markets?Publication . Silva, Francisca Ângelo Monteiro Mendonça da; Faias, José Afonso de Carvalho TavaresThis dissertation aims to explore empirically the impact of terrorist events on the financial markets, at regional, local and industrial levels. For the purpose of this thesis, 9,386 terrorist attacks are considered, over a 20-year time period, from 1994 to 2014. The event-study model is the chosen approach. The results show the significance of events across time and regions. We find regions, countries and sectors highly affected by terrorism on the day of the event, in the post-event window, and in both periods. What’s more, the findings suggest different responses, negative or positive, across indices and across moments in time. We also find evidence that the strength of impact on returns’ performance increases over the event window of 6 days after the attack.