The financial market effects of international aviation disasters

Simple item page
buir.contributor.authorŞensoy, Ahmet
dc.citation.epage101468-1en_US
dc.citation.spage101468-18en_US
dc.citation.volumeNumber69en_US
dc.contributor.authorAkyıldırım, E.
dc.contributor.authorCorbet, S.
dc.contributor.authorEfthymiou, M.
dc.contributor.authorGuiomard, C.
dc.contributor.authorO'Connell, J. F.
dc.contributor.authorŞensoy, Ahmet
dc.date.accessioned2021-02-24T11:21:49Z
dc.date.available2021-02-24T11:21:49Z
dc.date.issued2020
dc.departmentDepartment of Managementen_US
dc.description.abstractThe spread of misinformation with regards to aviation disasters continues to be a point of concern for aviation companies. Much of this information usually surrounds speculation based on the cause and responsibility attributed to the incident, implicitly possessing the potential to generate significant financial market price volatility. In this paper, we investigate a number of stylised facts relating to the effects of airline disasters on aviation stocks, while considering contagion effects, information flows and the sources of price discovery within the broad sector. Results indicate a substantially elevated levels of share price volatility in the aftermath of aviation disasters, while cumulative abnormal returns present sharp under-performance of the analysed companies relative to international exchanges. When considering an EGARCH analysis, we observe that share price volatility appears to be significantly influenced by the scale of the disaster in terms of the fatalities generated. Significant contagion effects upon the broad aviation index along with substantial changes in traditional price discovery channels are also identified. The role that the spread of information on social media, whether it be correct or of malicious origins, cannot be eliminated as an explanatory factor of these changing dynamics over time and region.en_US
dc.description.provenanceSubmitted by Onur Emek (onur.emek@bilkent.edu.tr) on 2021-02-24T11:21:49Z No. of bitstreams: 1 The_financial_market_effects_of_international_aviation_disasters.pdf: 3883925 bytes, checksum: e154e09daff77e5def9ae35478127bd9 (MD5)en
dc.description.provenanceMade available in DSpace on 2021-02-24T11:21:49Z (GMT). No. of bitstreams: 1 The_financial_market_effects_of_international_aviation_disasters.pdf: 3883925 bytes, checksum: e154e09daff77e5def9ae35478127bd9 (MD5) Previous issue date: 2020en
dc.identifier.doi10.1016/j.irfa.2020.101468en_US
dc.identifier.issn1057-5219
dc.identifier.urihttp://hdl.handle.net/11693/75554
dc.language.isoEnglishen_US
dc.publisherElsevieren_US
dc.relation.isversionofhttps://dx.doi.org/10.1016/j.irfa.2020.101468en_US
dc.source.titleInternational Review of Financial Analysisen_US
dc.subjectAirline disasteren_US
dc.subjectContagionen_US
dc.subjectVolatilityen_US
dc.subjectReputation risken_US
dc.subjectFinancial marketsen_US
dc.titleThe financial market effects of international aviation disastersen_US
dc.typeArticleen_US

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
The_financial_market_effects_of_international_aviation_disasters.pdf
Size:
3.7 MB
Format:
Adobe Portable Document Format
Description:
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

Scholarly Publications - Management