Russia–Ukraine crisis: The effects on the European stock market
研究了俄乌危机对欧洲股市的影响，发现2022年2月21日俄罗斯承认乌克兰两个地区独立时，欧洲股票出现显著负异常收益，且后续持续下跌，不同行业、国家和公司规模的反应差异较大。
Abstract We examine the effect of the Russia–Ukraine crisis on the European stock markets. Because of increased political uncertainty, geographic proximity and the ramifications of the fresh sanctions imposed on Russia, the European stock markets tended to react negatively to this crisis. We find that on 21 February 2022, when Russia recognized two Ukrainian states as autonomous regions, European stocks incurred a significant negative abnormal return. Moreover, the negative stock price reactions continued in the post‐event period. The magnitude of the stock price reactions to this crisis exhibits considerable variation across industries, countries and size of the company.