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Measuring the Impact of Terror

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  • Piotr Konwicki

Abstract

Events observed in Israel include terror attacks, controversial elections and unexpected wars, the impact of which can be analysed on the Tel Aviv Stock Exchange in terms of abnormal returns. Results show that defence and high-tech industries react positively to these events while other industries have a negative reaction. Recent data demonstrate that these events create positive abnormal market reactions when Israel is at war with Palestine and Lebanon because of the high number of defence and high-tech companies listed on Tel Aviv Stock Exchange. A phenomenon of the ‘normalisation of terror' can be observed in the stock exchange, as the market reacted negatively to events in 2002 but has become more resilient to recent events.

Suggested Citation

  • Piotr Konwicki, 2018. "Measuring the Impact of Terror," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 19(1), pages 1-34, January.
    • Handle: RePEc:wej:wldecn:694
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