Applying event analysis to selected markets’ reaction to the Russian invasion on Ukraine

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Leszek Mosiejko
Michał Bernardelli


The aim of the study was to analyse the rate of return of selected stock exchange indices, currency pairs, raw materials and food in the event window determined by the start date of the Russian-Ukrainian war in 2022. The analysis used an approach based on the observation of the development of rates of return and their changes over time caused by Russia’s invasion on Ukraine on February 24, 2022, applying the commonly used Average of Cumulative Abnormal Returns (ACAR) measure. The research showed many similarities as well as some differences in terms of the strength of the impact and the direction of changes in the prices of instruments on individual markets as a result of the outbreak of an armed conflict. The analysis comprehensively takes into account the impact of armed conflict on the development of short- and medium-term rates of return on various markets, the global scope of which has a significant influence on the economic development of individual countries. Not being limited to one market makes it possible to identify universal patterns of stock market behaviour in response to unforeseen events with a global impact on the world economy.


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Mosiejko, L., & Bernardelli, M. (2024). Applying event analysis to selected markets’ reaction to the Russian invasion on Ukraine. Journal of Management and Financial Sciences, 16(49). (Original work published February 9, 2024)


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