NATURAL DISASTERS — BLESSINGS IN DISGUISE?

Hardjo Koerniadi, Chandrasekhar Krishnamurti and Alireza Tourani-Rad
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Hardjo Koerniadi: Department of Finance, Faculty of Business and Law, Auckland University of Technology, 42 Wakefield Street, Auckland 1010, New Zealand
Chandrasekhar Krishnamurti: University of Southern Queensland, Queensland, Australia

The Singapore Economic Review (SER), 2016, vol. 61, issue 01, 1-17

Abstract: This study examines the impact of natural disasters on stock market returns and on industries that are likely to be affected by such disasters. We find that different natural disasters have different effects on stock markets and industries. Our evidence suggests that while earthquakes, hurricanes and tornadoes could negatively affect market returns several weeks after the events, other disasters such as floods, tsunamis and volcanic eruptions have limited impact on stock markets. We also find that construction and materials industry is generally positively affected by natural disasters but non-life and travel industries are likely to suffer negative effects.

Keywords: Natural disasters; market returns; construction industry; non-life insurance industry; travel and leisure industry; cumulative abnormal returns (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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DOI: 10.1142/S021759081640004X

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