Ukraine–Russia Conflict and Stock Markets Reactions in Europe
Journal: Global Journal of Flexible Systems Management
Year: 2023

Abstract This paper analyses the impact of Ukraine–Russia conflict on stock markets in Europe. We consider the stock markets of nine EU countries and Russia. The analysis consists of day-firm which includes the time between 24 November 2021 and 23 May 2022. We consider ordinary least squared (OLS) and fixed effects as baseline models. Additionally, we consider the impact of this conflict on stock return for several months, the elasticity test, the instrumental variable—two-stage least squared (2