Sanctions and the Russian stock market

Ankudinov, Andrei B.; Ибрагимов, Рустам; Lebedev, Oleg V.

doi:10.1016/j.ribaf.2017.01.005

Cited by 34 publications

(16 citation statements)

References 48 publications

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“…The predicted impact of the sanctions on GDP was estimated at -2.4 percentage points by 2017 compared to the hypothetical scenario without sanctions, but this is 3.3 times lower than the estimated impact of the oil price shock. (Ankudinov et al, 2017) examined the impact of the sanctions on the Russian stock market. The results showed that for almost all industry indicators, a statistically significant increase in volatility was observed.…”

Section: Discussionmentioning

confidence: 99%

Economic and financial results of the USA and the European Union sanctions war against Russia: first results

et al. 2021

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As part of this study, the goal is set to assess the impact of sanctions imposed by the United States and the European Union on the economy and financial sector of Russia, to identify the effectiveness of the initial goals of these countries. To achieve the goal, the legal acts concerning the imposed sanctions of the USA and the European Union against Russia were first analyzed, a chronology of events was described, and sanctions were classified. Further, based on the data of the World Bank and the Federal State Statistics Service of the Russian Federation, the results of the sanction pressure on the Russian economy and financial sector were estimated. Then the results of this study were compared with the results obtained by other scholars. The paper concluded that the sanctions of the United States and the European Union did have an impact on the economy and financial sector of Russia, but this influence was not as significant as the leaders of these countries expected. In addition, the impact of the sanctions is gradually decreasing despite the introduction of new sanctions on various pretexts.

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Section: Discussionmentioning

confidence: 99%

Economic and financial results of the USA and the European Union sanctions war against Russia: first results

et al. 2021

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“…In an attempt to study stock market volatility under sanctions, Goudarzi (2014) showed that the Iranian stock market has not been influenced by the sanctions. Furthermore, the results of Ankudinov et al (2017) indicated that for almost all sector indices of Russian market return, there was a statistically significant relationship between them and the imposed sanctions but it did not lead to a structural break. Garshasbi and Yousefi (2016) evaluated the effects of Iran sanctions on macroeconomic variables via indexing sanctions and found the direct impacts only on the economic growth rate.…”

Section: Literature Reviewmentioning

confidence: 96%

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2021

jrems

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Imposing sanctions can have several malicious effects on a developed or developing economy and Iran is not an exception to this matter. The main purpose of this paper is to determine whether imposing oil sanctions have a significant impact on oil, gas and petroleum companies' capital structure or not. Furthermore, a comparison between oil industry and cement industry and a prediction of oil companies' capital structure trend are conducted. The most innovative aspect of our study is to evaluate the influence of sanctions on a firm-specific variable rather than macroeconomic level. To address this problem, we investigate oil and cement companies listed in Tehran Stock Exchange from 2006 to 2018. The leverage ratio indicating capital structure, sanction dummy variable and ROA, tangibility of assets, capital market return, economic growth and inflation rate are dependent variable, independent variable and control variables, respectively. The data are obtained from companies' financial statements and we use OLS regression to estimate our equations. The results indicate that the 2012 oil sanctions against Iran affect the oil companies' leverage ratio negatively and the future trend reveals that the share of equity in capital structure will increase. Moreover, we inspect no significant relationship between oil sanctions and cement companies' capital structure. Therefore, government policymakers should plan strategies to lift or limit the oil sanctions and oil corporate managers should find some reasonable routes for balancing their companies' capital structure to exploit debt financing benefits.

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“…Despite some earlier studies on the effects of external shocks on financial markets, such as Bancit et al (2016), Jin and An (2016), Castagneto-Gissey and Nivorozhkin (2016), Ankudinov et al (2017), Atkins et al (2018), Liu et al (2019), andSamadi et al (2021), this is the first study to consider and prioritize the impacts of COVID-19 on financial markets in developed and developing nations. To this end, we analyze the experts' opinions through an MCDM (Multi-Criteria Decision Making) approach, namely Analytic Hierarchy Process (AHP), and based on the empirical part, we recommend some policy implications to enable financial markets to recover, which means opportunities for countries to improve the progress of SDGs.…”

Section: Introductionmentioning

confidence: 92%

Effects of COVID-19 on Global Financial Markets: Evidence from Qualitative Research for Developed and Developing Economies

et al. 2022

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The research aims to prioritize the pandemic's impact on the financial markets of developed and developing economies using a multi-criteria decision-making approach. The results revealed that COVID-19's pandemic effects on financial markets differ between developed and developing nations. COVID-19 pandemic affects developed countries' financial markets more through supply reduction, demand reduction, and economic instability. Regarding developing nations, confidence and expectations, changes in consumption patterns, and the bandwagon effect are the three most significant impacts of COVID-19 pandemic on financial markets. The best decisions to lower the effect of COVID-19 pandemic on developed nations' financial markets are the declaration of the stimulus package and support of smalland-medium-sized enterprises. Contrastingly, in developing countries, support for vulnerable households and declaration of the stimulus package are the best decisions to combat COVID-19's negative impact on their financial markets. As practical policy implications for lowering COVID-19's negative impact on financial markets, the promotion of new financing instruments, reconstruction of the relationship between public and private sectors, and support of vulnerable households and enterprises are highly recommended.

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Sanctions and the Russian stock market

Cited by 34 publications

References 48 publications

Economic and financial results of the USA and the European Union sanctions war against Russia: first results

Economic and financial results of the USA and the European Union sanctions war against Russia: first results

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Effects of COVID-19 on Global Financial Markets: Evidence from Qualitative Research for Developed and Developing Economies

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