G20 Stock Market Reaction to the G20 New Delhi Summit, 2023

Uliya Nurjannah, Intan Nurul Awwaliyah (), Arnis Budi Susanto, Hadi Paramu and Nurhayati Nurhayati
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Uliya Nurjannah: Jember University
Intan Nurul Awwaliyah: Jember University
Arnis Budi Susanto: Jember University
Hadi Paramu: Jember University
Nurhayati Nurhayati: Jember University

A chapter in Proceedings of the 5th International Conference on Global Innovation and Trends in Economy 2024 (INCOGITE 2024), 2024, pp 303-316 from Springer

Abstract: Abstract The purpose of this study is to examine the impact of the G20 New Delhi Summit on the stock markets of the G20 member countries. In this study, we calculated the abnormal return and the average abnormal return using the event study approach. The sample in this study consists of 43 G20 member countries. This study observes stock data of G20 member stock markets for 10 trading days around the event date. The analysis of the difference in the average abnormal return (AAR) before and after the G20 New Delhi Summit on September 9–10, 2023 revealed the impact of significant differences in the average abnormal return. This study also categorizes the data based on developed and developing countries. The analysis based on average abnormal returns shows that there are significant differences in developed countries on the day before and the day after the event. However, stock markets in developing countries do not show significant AAR differences. Finally, the regional analysis shows that the European region was affected by a positive and significant average abnormal return due to this event. Whereas, the Asian and American regions show no difference in average abnormal returns.

Keywords: efficient market; abnormal return; event study; G20 Stock Exchange (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-585-0_22

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DOI: 10.2991/978-94-6463-585-0_22

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