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The Impact of Terrorism on the Defense Industry

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Author Info
Claude Berrebi ()
Esteban F. Klor ()

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Abstract

This paper analyzes the impact of terrorism on Israeli companies related to the defense, security or anti-terrorism industries, relative to its impact on the rest of the companies. The authors match every Israeli company to the American company with the closest expected return among all the companies that belong to the same industry and trade in the same market in order to isolate the effect of terrorism from other common industry shocks. The findings show that whereas terrorism had a significant negative impact of 5% on non defense-related companies, it had a significantly positive overall effect of 7% on defense-related companies.

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Publisher Info
Paper provided by RAND Corporation Publications Department in its series Working Papers with number 597.

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Length: 38 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:ran:wpaper:597

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Related research
Keywords: terror; defense sector; financial markets;

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Find related papers by JEL classification:
D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
L64 - Industrial Organization - - Industry Studies: Manufacturing - - - Other Machinery; Business Equipment; Armaments
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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  1. Alberto Abadie & Sofia Dermisi, 2006. "Is Terrorism Eroding Agglomeration Economies in Central Business Districts? Lessons from the Office Real Estate Market in Downtown Chicago," NBER Working Papers 12678, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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