Mass shootings, investors’ panic, and market anomalies

Rilwan Sakariyahu, Rodiat Lawal, Abdulmueez Yusuf and Abdulganiyu Olatunji

Economics Letters, 2023, vol. 231, issue C

Abstract: Do mass shootings exacerbate investors’ sentiments towards the stock market? We empirically examine this question using 1947 cases of mass shootings in the US from February 2014 to May 2023. We document that investors react negatively to mass shootings, as evidenced by the drop in market index immediately following the incidence. Further analysis indicates that the impact varies by sectors and the impact of the shootings on market performance is correlated with the intensity of internet-related search about the event.

Keywords: Mass shooting; Investor panic; Stock market; Anomalies (search for similar items in EconPapers)
JEL-codes: G10 G11 G12 G14 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:231:y:2023:i:c:s0165176523003099

DOI: 10.1016/j.econlet.2023.111284

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