Are markets in happier countries less affected by tragic events? Evidence from market reaction to the Israel–Hamas conflict

Pandey, Dharen Kumar; Kumari, Vineeta; Palma, Alessia; Goodell, John W.

doi:10.1016/j.frl.2023.104893

Finance Research Letters

2024

DOI: 10.1016/j.frl.2023.104893

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Are markets in happier countries less affected by tragic events? Evidence from market reaction to the Israel–Hamas conflict

Dharen Kumar Pandey,

Vineeta Kumari,

Alessia Palma

et al.

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Cited by 11 publications

References 46 publications

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Stock market reaction to mandatory sustainability reporting: Does carbon‐intensity and environmental, social, and governance reputation matter?

Pandey,

Al‐ahdal,

Hashim

2024

Bus Strat Env

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With a sample of 679 listed firms, integrating the event study method and cross‐sectional analysis, we examine the stock market reaction to mandatory sustainability reporting regulation in India. We find that (1) on average, investors react positively to such announcements; (2) the impact varies across different sectors; (3) affected and unaffected firms do not posit significant differences; (4) carbon‐intensive firms are positively impacted; and (5) high environmental, social, and governance (ESG) performance is negatively associated with the event‐induced cumulative abnormal returns (CAR). One standard deviation change in ESG leads to −0.77%, −0.45%, and −0.61% significant changes in [+1,+5], [−5,+5], and [−7,+7] CAR, respectively. The findings align with the value relevance idea and the reputational risk theory but contradict the reservoir of goodwill hypothesis.

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Stock market reaction to mandatory sustainability reporting: Does carbon‐intensity and environmental, social, and governance reputation matter?

Pandey,

Al‐ahdal,

Hashim

2024

Bus Strat Env

View full text Add to dashboard Cite

show abstract

Impact of ESG regulation on stock market returns: Investor responses to a reasonable assurance mandate

Pandey,

Kumari,

Palma

et al. 2024

Finance Research Letters

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Hedging strategies for U.S. factor and sector exchange-traded funds during geopolitical events

Han

2024

Finance Research Letters

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Are markets in happier countries less affected by tragic events? Evidence from market reaction to the Israel–Hamas conflict

Cited by 11 publications

References 46 publications

Stock market reaction to mandatory sustainability reporting: Does carbon‐intensity and environmental, social, and governance reputation matter?

Stock market reaction to mandatory sustainability reporting: Does carbon‐intensity and environmental, social, and governance reputation matter?

Impact of ESG regulation on stock market returns: Investor responses to a reasonable assurance mandate

Hedging strategies for U.S. factor and sector exchange-traded funds during geopolitical events

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