How did African stock markets react to the Russia-Ukraine crisis “black-swan” event? Empirical insights from event study
Journal: Humanities and Social Sciences Communications
Year: 2024

Abstract This study builds on the recent literature by investigating how various types of African stock markets responded to the Russia-Ukraine crisis (commonly referred to as the black-swan event). The empirical analysis used in this paper centred on event study analysis, a statistical technique used to measure the impact of a specific event. The findings show that the black-swan event had a significant negative impact on African stock markets (14/20), with stocks having a negative abnormal ret