G-20 Countries stock market during the Russia and Ukrainian war: An event study analysis

Abstract

This study investigates the impact of the Russia-Ukraine conflict on the Russian stock market, using event study analysis on excel and real-world data, we aim to capture the nuances of how the G-20 Countries stock market responds to sudden events, shedding light on the intricate shifts within the stock market. The observed window comprises 520 days post the Russia-Ukraine conflict news release in the international media, and the estimation window conflicts of 8 years before the event date. We find statistically significant negative ARs in the four sub-event windows during the 520 days. Negative ARs are significant for developing as well as developed countries. These findings persist across various intra-day data frequencies, indicating their reliability. They carry significant implications for short-term investors, providing insights into navigating volatile markets during periods of geopolitical uncertainty. Moreover, our study lays the foundation for future research endeavors, offering a deeper understanding of the broader of the ongoing conflict on global markets.