Impact of Terrorist Attacks on Stock Returns and Investors’
发布时间：2021-11-27 13:45
恐怖袭击不仅破坏了一个国家基础设施的建设,而且会扰乱一国的正常经济活动。股票市场作为一个经济体的晴雨表,将会很容易地受到恐怖袭击的影响。由于巴基斯坦与阿富汗国土接壤,受阿富汗国家恐怖主义的影响,巴基斯坦也成为了恐怖袭击的重灾区。自911事件发生以来,巴基斯坦一直是恐怖袭击的直接受害者。虽然恐怖袭击的强度与发生次数会随着时间而发生变化,但恐怖袭击活动在过去的二十年里持续不断地破坏着巴基斯坦的资本市场和经济的发展。巴基斯坦的情况与其他西方国家不同,西方国家很少直接受到恐怖袭击的影响。发生巴基斯坦的恐怖袭击活动为学者们提供了研究的基础,学者们可以研究持续不断的恐怖主义行为对股市的影响。它还提供了一个研究机会,就是当恐怖袭击发生比较频繁的时候,新出现的恐怖袭击对股市的影响会发生何种变化?换句话说,当恐怖袭击成为常态时,市场上的投资者情绪以及投资信心不会出现剧烈波动,从而不会对股市产生新的影响。本文旨在研究巴基斯坦国内的恐怖袭击对巴基斯坦股票市场的影响。本文试图建立恐怖袭击强度与股票市场之间的长期关系。为了研究恐怖袭击强度与股票市场的长期关系,本文选取了 2002年-2016年15年的股票市场数...
【文章来源】：东北财经大学辽宁省
【文章页数】：158 页
【学位级别】：博士
【文章目录】：
Acknowledgement
ABSTRACT
摘要
Chapter 1: Introduction
1.1 Background of the study
1.1.1 Financial disruption after 9/11 Terrorist attack
1.1.2 Effect on International stock market
1.1.3 Effect on Pakistan stock market
1.1.4 Terrorism effect on Investors' sentiment
1.2 Problem statement
1.3 Objectives of the study
1.4 Significance of the study
1.5 Innovative point of the study
1.6 Structure of the study
Chapter 2: Terrorism, Pakistan Economy and Stock Market
2.1 Historical background of terrorism in Pakistan
2.1.1 Terrorism and conflicts
2.2 Security situation in Pakistan
2.3 Pakistan's Economy
2.3.1 Sector wise performance in Pakistan
2.3.2 Social welfare support
2.3.3 Health and Education
2.3.4 Import and Export
2.4 Pakistan stock market
2.4.1 Stock market performance
2.4.2 Sector wise analysis
2.5 Terrorism and Pakistan economic and market activity
Chapter 3: Literature Review and Hypothesis Development
3.1 Terrorism and stock market returns
3.2 Major terrorist attacks and stock market returns
3.3 Terrorism and Industries stock returns
3.4 Terrorism and investors' sentiment
3.5 Summary of Literature review
3.6 Integrated conceptual framework
Chapter 4: Research Methodology
4.1 Sample period and Dataset
4.2 Measuring Market/Industry/Stock returns
4.2.1 Measures of Abnormal Returns (AR)
4.2.2 Measures of Cumulative Abnormal Return (CAR)
4.3 Measuring Terrorism
4.3.1 Individual measures of terrorism intensity/magnitude
4.3.2 Terrorism Factor
4.4 Modelling terrorism and market returns
4.5 Event study analysis of terrorism and market returns
4.5.1 Event selection criterion
4.5.2 Brief introduction of selected events
4.5.3 Event-study empirical design
4.6 Terrorism and investor's sentiment
Chapter 5: Empirical Results and Discussions
5.1 Descriptive statistics, stationarity, and correlation analyses
5.2 Terrorism and market returns
5.3 Market's response to major terrorist incidents
5.3.1 The Assassination of Benazir Bhutto
5.3.2 Terrorists' attack on Pakistan Ordnance Factory
5.3.3 Terrorists' attack on All Saints Church
5.3.4 Terrorists' attack on Army Public School
5.3.5 Cumulative analyses of all four events
5.4 Terrorist attacks and investors' sentiments
5.4.1 Benazir's Assassination
5.4.2 Pakistan Ordinance Factory
5.4.3 All Saints Church Peshawar
5.4.4 Army Public School incident
Chapter 6: Conclusions
6.1 Concluding remarks
6.2 Policy implications
6.3 Limitations
6.4 Future work
List of Online Publications and International Conference
References
本文编号：3522414
【文章来源】：东北财经大学辽宁省
【文章页数】：158 页
【学位级别】：博士
【文章目录】：
Acknowledgement
ABSTRACT
摘要
Chapter 1: Introduction
1.1 Background of the study
1.1.1 Financial disruption after 9/11 Terrorist attack
1.1.2 Effect on International stock market
1.1.3 Effect on Pakistan stock market
1.1.4 Terrorism effect on Investors' sentiment
1.2 Problem statement
1.3 Objectives of the study
1.4 Significance of the study
1.5 Innovative point of the study
1.6 Structure of the study
Chapter 2: Terrorism, Pakistan Economy and Stock Market
2.1 Historical background of terrorism in Pakistan
2.1.1 Terrorism and conflicts
2.2 Security situation in Pakistan
2.3 Pakistan's Economy
2.3.1 Sector wise performance in Pakistan
2.3.2 Social welfare support
2.3.3 Health and Education
2.3.4 Import and Export
2.4 Pakistan stock market
2.4.1 Stock market performance
2.4.2 Sector wise analysis
2.5 Terrorism and Pakistan economic and market activity
Chapter 3: Literature Review and Hypothesis Development
3.1 Terrorism and stock market returns
3.2 Major terrorist attacks and stock market returns
3.3 Terrorism and Industries stock returns
3.4 Terrorism and investors' sentiment
3.5 Summary of Literature review
3.6 Integrated conceptual framework
Chapter 4: Research Methodology
4.1 Sample period and Dataset
4.2 Measuring Market/Industry/Stock returns
4.2.1 Measures of Abnormal Returns (AR)
4.2.2 Measures of Cumulative Abnormal Return (CAR)
4.3 Measuring Terrorism
4.3.1 Individual measures of terrorism intensity/magnitude
4.3.2 Terrorism Factor
4.4 Modelling terrorism and market returns
4.5 Event study analysis of terrorism and market returns
4.5.1 Event selection criterion
4.5.2 Brief introduction of selected events
4.5.3 Event-study empirical design
4.6 Terrorism and investor's sentiment
Chapter 5: Empirical Results and Discussions
5.1 Descriptive statistics, stationarity, and correlation analyses
5.2 Terrorism and market returns
5.3 Market's response to major terrorist incidents
5.3.1 The Assassination of Benazir Bhutto
5.3.2 Terrorists' attack on Pakistan Ordnance Factory
5.3.3 Terrorists' attack on All Saints Church
5.3.4 Terrorists' attack on Army Public School
5.3.5 Cumulative analyses of all four events
5.4 Terrorist attacks and investors' sentiments
5.4.1 Benazir's Assassination
5.4.2 Pakistan Ordinance Factory
5.4.3 All Saints Church Peshawar
5.4.4 Army Public School incident
Chapter 6: Conclusions
6.1 Concluding remarks
6.2 Policy implications
6.3 Limitations
6.4 Future work
List of Online Publications and International Conference
References
本文编号：3522414
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