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| Author: | Kaplanski, G. Levy, H. |
| Title: | Sentiment and stock prices: The case of aviation disasters |
| Journal: | Journal of Financial Economics
2010 : FEB, VOL. 95:2, p. 174-201 |
| Index terms: | finance behavioural science stock markets prices air transport |
| Language: | eng |
| Abstract: | This study examines the effect of aviation disasters on stock prices. There is found evidence of a significant negative event effect with an average market loss of more than USD 60 billion per aviation disaster, whereas the estimated actual loss is no more than USD 1 billion. In two days, a price reversal occurs. The effect is found to be greater in small and riskier stocks and in firms belonging to less stable industries. This event effect is also accompanied by an increase in the perceived risk etc. |
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