The spectre of terrorism and the stock market

Alan J. Hanna, John Turner () and Clive B. Walker

No 22-10, QUCEH Working Paper Series from Queen's University Belfast, Queen's University Centre for Economic History

Abstract: Terrorism is a major issue in the 21st century. In this paper we examine the effect of terrorism on the stock market. We go beyond previous studies to explore the spectre of terrorism on the market rather than terrorist activities. Using a narrative-based approach à la Shiller (2019), we find that the spectre of terrorism during the Northern Ireland Troubles reduced returns and increased volatility on the UK stock market.

Keywords: terrorism; stock market; returns; volatility; narratives (search for similar items in EconPapers)
JEL-codes: C00 E44 G12 G40 N24 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-fmk, nep-his and nep-rmg
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:qucehw:202210

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