The reaction of financial markets to Russia's invasion of Ukraine: evidence from gold, oil, bitcoin, and major stock markets

被引:22
作者
Diaconasu, Delia Elena [1 ]
Mehdian, Seyed M. [2 ]
Stoica, Ovidiu [3 ]
机构
[1] Alexandru Ioan Cuza Univ, Inst Interdisciplinary Res, Dept Social Sci & Humanities, Iasi, Romania
[2] Univ Michigan Flint, Sch Management, Flint, MI USA
[3] Alexandru Ioan Cuza Univ, Fac Econ & Business Adm, Dept Finance Money & Publ Adm, Iasi, Romania
关键词
Gold price; oil price; bitcoin; stock indices; event study; RISK; PRICE; WAR;
D O I
10.1080/13504851.2022.2107608
中图分类号
F [经济];
学科分类号
02 ;
摘要
Political observers predicted the Ukraine invasion by Russia for many days, but they could not precisely anticipate the scheme and timing of the invasion. This paper investigates the effects of the Russian invasion of Ukraine on the global commodity and stock markets using an event study methodology. The empirical results of this study suggest that this invasion unevenly affected the financial markets. More precisely, our results suggest that the onset of war has put pressure on global gold and stock markets. Furthermore, it seems that the only asset that could be considered a safe haven for investors after the outbreak of the invasion was oil.
引用
收藏
页码:2792 / 2796
页数:5
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