The Effect of Russian Ukrainian War on the Aluminum Stocks: An Event Study Approach

Theodore Panagiotidis, Zoi Tzitzimika () and Konstantinos Kakouris ()
Additional contact information
Zoi Tzitzimika: University of Macedonia, Greece
Konstantinos Kakouris: University of Macedonia, Greece

Discussion Paper Series from Department of Economics, University of Macedonia

Abstract: We examine how the Russian invasion of Ukraine affected equity prices in the global aluminum industry. Using an event-study framework applied to daily stock returns of ten major aluminum producers across countries, we document heterogeneous market responses. European firms exhibit negative cumulative average abnormal returns (CAARs), with losses of up to 6.5%, whereas non-European producers record positive CAARs of up to 10.5% in the immediate post-event period, suggesting that some firms benefited from shifting supply conditions. Our findings demonstrate that geopolitical shocks are priced unevenly within commodity-intensive industries, with proximity as a key determinant of market reactions.

Keywords: Russian-Ukrainian war; geopolitical events; aluminum stock returns; event study methodology; multi-country sample; abnormal returns. (search for similar items in EconPapers)
Date: 2026-12, Revised 2026-12
References: Add references at CitEc
Citations:

Downloads: (external link)
http://econwp.uom.gr/pdf/dp122026.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mcd:mcddps:2026_12

Access Statistics for this paper

More papers in Discussion Paper Series from Department of Economics, University of Macedonia
Bibliographic data for series maintained by Theodore Panagiotidis () and Anastasia Litina ().