Coup d'état in Africa and stock market returns: The case of French companies

Whelsy Boungou, Praveen Gupta and Budi Wahyono

Economics Letters, 2024, vol. 237, issue C

Abstract: This article studies the impact of recent coups d'état in French-speaking Africa on the stock market performance of French companies. Using stock prices of 197 French companies over the period September 2020 to September 2023, our results highlight a negative impact of coups d'état on the stock market performance of French companies. We also observe the heterogeneity of these companies' reactions depending on: (i) the country affected by the coup; (ii) the companies' sector of activity; (iii) coups d'état with reshuffle or change of political regime; (iv) pro- or anti-France post-coup actions. In so doing, this article provides the first evidence of the impact of recent coups in Africa outside the affected territories.

Keywords: Coup d’état; Stock market; French companies (search for similar items in EconPapers)
JEL-codes: G11 G14 G15 H56 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:237:y:2024:i:c:s016517652400137x

DOI: 10.1016/j.econlet.2024.111654

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