The impact of the Russia-Ukraine crisis on the stock market: Evidence from Australia

Kamal, Md Rajib; Ahmed, Shaker; Hasan, Mostafa Monzur

doi:10.1016/j.pacfin.2023.102036

Cited by 33 publications

(19 citation statements)

References 44 publications

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“…There was also a relationship between a company's characteristics and stock returns during the Russian invasion of Ukraine. On the event date (the first trading day after Russia recognized the two Ukrainian states as autonomous regions), Kamal et al (2023) discovered that abnormal returns on the Australian JERER 17,1 stock market were significantly negative. The majority of this negative stock market reaction, however, disappeared after the event.…”

Section: Russia Andmentioning

confidence: 99%

“…Following Boubaker et al (2022), Abbassi et al (2023), Yousaf et al (2022, Boungou and Yatie (2022), Kamal et al (2023) and Kamal et al (2023), we measured the market reaction using the normal, average abnormal and cumulative abnormal rates of return, as follows:…”

Section: Russia and Ukraine Invasionmentioning

confidence: 99%

“…Moreover, discussions about the impact of the war between Russia and Ukraine have increasingly focused on the financial markets (Abbassi et al ., 2023; Basnet et al. , 2022; Boubaker et al ., 2022; Boungou and Yatie, 2022; Deng et al ., 2022; Tosun and Eshraghi, 2022; Yousaf et al ., 2022; Kamal et al ., 2023; Lesmana and Yudaruddin, 2023; Yudaruddin et al ., 2023). Tosun and Eshraghi (2022) analyzed the behavior of investors in the Ukrainian and Russian markets during the war.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The impact on the financial markets of Russia's invasion of Ukraine remains under debate (Abbassi et al, 2023;Basnet et al, 2022;Boubaker et al, 2022;Boungou and Yatie, 2022;Deng et al, 2022;Nerlinger and Utz, 2022;Tosun and Eshraghi, 2022;Yousaf et al, 2022;Kamal et al, 2023;Kumari et al, 2023;. Most studies have stated that the war has negatively impacted the financial markets due to increased geopolitical risks (Abbassi et al, 2023;Basnet et al, 2022;Boubakera et al al., 2022;Boungou and Yatie, 2022;Deng et al, 2022;Tosun and Eshraghi, 2022;Yousaf et al, 2022).…”

Section: Introductionmentioning

confidence: 99%

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The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

Yudaruddin,

Lesmana

2024

JERER

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PurposeThis study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.Design/methodology/approachThis study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.FindingsThe global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.Social implicationsThis result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.Originality/valueThis study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.

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Section: Russia Andmentioning

confidence: 99%

Section: Russia and Ukraine Invasionmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

Yudaruddin,

Lesmana

2024

JERER

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“…Meskipun tingkat kerawanan pangan absolut mungkin masih lebih tinggi di daerah pedesaan di mana lebih banyak rumah tangga miskin berada, kaum miskin kota kemungkinan besar paling menderita karena krisis Rusia-Ukraina dan kenaikan harga pangan yang terkait, terutama di negara-negara di mana sosial perlindungan dan subsidi pangan hilang. Kamal et al (2023) menemukan pengembalian abnormal negatif pada pasar saham di Australia yang signifikan pada tanggal peristiwa (yaitu, hari perdagangan pertama setelah Rusia mengakui dua negara bagian Ukraina sebagai daerah otonom) di pasar saham Australia. Sokhanvar & Baouri (2023) menunjukkan hubungan jangka panjang antara harga komoditas yang lebih tinggi dan apresiasi mata uang beberapa negara pada masa peperangan.…”

Section: Pendahuluanunclassified

Analisis Keterbukaan Ekonomi Dan Ekspor Di Indonesia: Studi Empiris Pada Dampak Covid-19 Dan Peperangan Rusia-Ukraina

Rachman

2023

-bus. econ. entrepre.

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Global economic uncertainty due to the Covid-19 pandemic and the Russia-Ukraine war has had an impact on the supply chain of goods and services. In the midst of global economic turmoil, Indonesia's trade performance has had a positive average trade balance in the last 5 years. This study examines the impact of economic conditions on trade openness and exports in Indonesia, and assesses the impact of the Covid-19 pandemic and the Russia-Ukraine War. The research method used is ARDL to to examine the short-run and long-run effects of variables using monthly data from 2017 to 2022. The findings show that the Inflation variable has a positive impact on trade openness and exports in Indonesia, this contradiction with Romer's hypothesis and implies that the possibility of Indonesia's international trade is in line with the approach of the Ricardian model. The addition of Covid-19 cases has a negative impact on trade openness, while the pandemic period has a positive impact on exports. The variables of the Russia-Ukraine war have a negative but not significant impact. Policy recommendations are to maintain domestic productivity in order to maintain the needs of goods and services, as well as domestic and foreign supply chains

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Entrepreneurial finance in Europe and the Russian war against Ukraine

Kraemer-Eis,

Block,

Botsari

et al. 2024

J Technol Transf

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Prior research has investigated how the prices of stocks and commodities as well as inflation levels have been affected by the Russian war against Ukraine. So far, however, we know little about the impacts of the war on the entrepreneurial finance sector. Prior research on the effects of unexpected exogenous crisis events on entrepreneurial finance suggests a strong negative impact on new and follow-on funding for entrepreneurial ventures. Our study regards the Russian war against Ukraine as an unexpected exogenous crisis event and explores its impact on the entrepreneurial finance sector. It goes beyond a mere sentiment and impact analysis and also explores the underlying reasons and mechanisms as well as potential response and coping strategies employed by entrepreneurial finance investors. Based on two surveys of European venture capital (VC) and private equity (PE) investors, we find that the war had a strong negative impact on the two types of investors and their respective funds. Both VC and PE investors report more risk-aversion of limited partners (LPs) and LPs leaving the market as important challenges resulting in an overall lower willingness of LPs to invest. This applies in particular to banks, insurance funds, and pension funds. On the portfolio firm level, securing equity financing and maintaining liquidity were considered pressing issues. Overall, the situation seems to be more difficult for portfolio companies of VC as compared to PE investors. For the former, the financing- and liquidity-related issues seem to be more existential and survival-threatening. Responding to these challenges, both VC and PE investors altered their industry focus and put more emphasis on entrepreneurial experience. Financial investment selection criteria such as financial valuation, profitability, and cash- as well as revenue-generating capacity also increased in importance. Again, differences between VC and PE investors exist. Our study has implications for entrepreneurial finance theory and practice and concludes with an agenda for research on the impacts of the Russian war against Ukraine on entrepreneurial finance.

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The impact of the Russia-Ukraine crisis on the stock market: Evidence from Australia

Cited by 33 publications

References 44 publications

The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

Analisis Keterbukaan Ekonomi Dan Ekspor Di Indonesia: Studi Empiris Pada Dampak Covid-19 Dan Peperangan Rusia-Ukraina

Entrepreneurial finance in Europe and the Russian war against Ukraine

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