The impact of terrorist incidents on the sub financial and non-financial sectors: Evidence from the United States

Dlawar Mahdi Hadi, Bawan Yassin Sabir and Farman Marif Ahmed
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Dlawar Mahdi Hadi: Department of Accounting, College of Business, Komar University of Science and Technology, Sulaymania, 460002, Iraq
Bawan Yassin Sabir: Department of Accounting, Kurdistan Technical Institute, Sulaymaniyah, 460002, Iraq
Farman Marif Ahmed: Finance Officer, Rehabilitation, Education and Community Health (REACH) –Iraq. Ashty quarter, Ainkawa, Erbil, Iraq

International Journal of Research in Business and Social Science (2147-4478), 2022, vol. 11, issue 1, 187-195

Abstract: This paper examines the impact of the September 11th attacks on the United States financial and non-financial sectors. The empirical analysis includes 5 financial and 28 non-financial sub-sector indices using the event study method, structural break test, and volatility analyses. The results of the estimation show that except for the short-lived impact on the real estate sector, the attacks had no significant impact on financial sector indices. Different reactions among non-financial sectors are observed. Travel and leisure and leisure goods sectors were the two industries that were mostly affected by the attacks due to the nature of their business. The outcomes of the analyses provide several diversification strategies and speculation opportunities for both portfolio managers and investors. Key Words:September 11th attacks, financial sector, non-financial sector, United States

Date: 2022
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