The Russia–Ukraine conflict and investor psychology in financial markets

Emon Kalyan Chowdhury and Umme Humaira

Economic Affairs, 2023, vol. 43, issue 3, 388-405

Abstract: This study examines the effect of the Russia–Ukraine conflict on global financial markets and the resulting changes in investor psychology. We have analysed weekly data from January 2021 to March 2023, including indicators such as gross national income, Bitcoin historical price, Standard and Poor 500 index, US consumer price index, US dollar index, and investor psychology index, using a variety of econometric techniques. Our findings reveal a positive and significant correlation between investor psychology and market returns. These results highlight the importance of monitoring investor psychology during times of conflict as it can greatly impact investment decisions in financial markets, providing valuable insights for investors and policymakers.

Date: 2023
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