Heterogeneous Market Reactions of the G20 Stock Markets to the Hamas-Israel War

This study aims to examine the impact of the Hamas-Israel conflict on G20 stock markets and gold prices by employing an event study approach. The results show a continuous decline of the stock markets in the following 10 working days in the aftermath of the attack. The country-wise findings indicate that there are no significant abnormal returns in any stock market on the first day following the conflict. For longer event windows (+3, +5, +10), China, France, Germany, India, Italy, Mexico, South Africa, Türkiye, and the US exhibited negative and significant cumulative abnormal returns (CARs), while Argentina and Russia had positive and significant CARs. The findings also reveal that gold preserves its role as a safe-heaven asset during high tension periods.

Authors

Institutions

Publication Details

Journal
Maliye Finans Yazıları
Published
2025-10-01
DOI
https://doi.org/10.33203/mfy.1670587
Primary Topic
Market Dynamics and Volatility
Type
article
Field-Weighted Citation Impact
0.00
Controls
|||
ALL TIME
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
article

Heterogeneous Market Reactions of the G20 Stock Markets to the Hamas-Israel War

Mustafa Kemal Yılmaz, Övgü Kalkan Küçüksolak, Mine Aksoy
Maliye Finans Yazıları
Market Dynamics and Volatility
article

Heterogeneous Market Reactions of the G20 Stock Markets to the Hamas-Israel War

Mustafa Kemal Yılmaz, Övgü Kalkan Küçüksolak, Mine Aksoy
article en

Abstract

This study aims to examine the impact of the Hamas-Israel conflict on G20 stock markets and gold prices by employing an event study approach. The results show a continuous decline of the stock markets in the following 10 working days in the aftermath of the attack. The country-wise findings indicate that there are no significant abnormal returns in any stock market on the first day following the conflict. For longer event windows (+3, +5, +10), China, France, Germany, India, Italy, Mexico, South Africa, Türkiye, and the US exhibited negative and significant cumulative abnormal returns (CARs), while Argentina and Russia had positive and significant CARs. The findings also reveal that gold preserves its role as a safe-heaven asset during high tension periods.

Maliye Finans Yazıları(124)
Yalova University (TR), Ibn Haldun University (TR)
Openalex Percentile: Top 64%
Market Dynamics and Volatility
AI Navigator

Ask Laika to Summarize, Analyze, and Connect papers live on the map.

Summarize Papers & Methodologies

Extract key findings, datasets, and comparative methods across publications.

Benchmark Rankings & Visual Analytics

Rank top research institutions, authors, funders, topics, and journals by Field-Weighted Citation Impact (FWCI) and paper volume with instant charts.

Connect Distant Disciplines

Bridge topological clusters on the map to find hidden collaborative intersections.