The impact of natural disasters on stock markets: Evidence from Japan and the US

被引：47

作者：

Wang L. ^{[1
]}

Kutan A.M. ^{[2
,3
]}

机构：

[1] C.T. Bauer College of Business, University of Houston, Houston, AK

[2] Southern Illinois University Edwardsville, University Drive, Edwardsville

[3] Borsa Istanbul, Istanbul

来源：

Comparative Economic Studies | 2013年 / 55卷 / 4期

关键词：

GARCH models; Insurance sector; Natural disaster; Stock market;

D O I：

10.1057/ces.2013.16

中图分类号：

学科分类号：

摘要：

This paper investigates the impact of natural disasters on the insurance sector as well as on the composite stock market in Japan and the US. GARCH models are employed to capture both wealth and risk effects of natural disasters. There are no wealth effects in the US and Japan composite stock markets, indicating that these markets can well diversify away the impact of natural disasters on stock return, but there are significant wealth effects in the US and Japan insurance sectors. While US investors in the insurance sector lose, those in Japan gain. All markets except the composite stock market in Japan face risk effects of natural disasters. © 2013 ACES.

引用

页码：672 / 686

页数：14

共 50 条

[31] Impact of terrorism on stock market: Evidence from developed and developing markets
Ahmad, Tanveer
Hussain, Shahzad
Akbar, Muhammad
Rehman, Ajid Ur
INTERNATIONAL JOURNAL OF DISASTER RISK REDUCTION, 2022, 70
[32] Does the US IT stock market dominate other IT stock markets: Evidence from multivariate GARCH model
Qiao, Zhuo
Liew, Venus Khim-Sen
Wong, Wing-Keung
ECONOMICS BULLETIN, 2007, 6
[33] The impact of natural disasters on stock market participation in urban China
Zhang, Rui
Lin, Zheyu
Su, Yiming
Zhu, Xinghan
Wang, Huijuan
ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2025,
[34] The Impact of Natural Disasters on Corporate ESG Performance: Evidence from China
Huang, Lulu
Liu, Qiannan
SUSTAINABILITY, 2024, 16 (12)
[35] The impact of natural disasters on the performance and solvency of US banks
Walker, Thomas
Xu, Yixin
Gramlich, Dieter
Zhao, Yunfei
INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2023, 19 (01) : 136 - 154
[36] NATURAL DISASTERS IN JAPAN
TERADA, K
NATURE, 1972, 240 (5378) : 197 - &
[37] The academic impact of natural disasters: evidence from L'Aquila earthquake
Di Pietro, Giorgio
EDUCATION ECONOMICS, 2018, 26 (01) : 62 - 77
[38] HOW DID CDS MARKETS IMPACT STOCK MARKETS? EVIDENCE FROM LATEST FINANCIAL CRISIS
Baklaci, Hasan Fehmi
Suer, Omur
PROCEEDINGS OF THE 10TH EURASIA BUSINESS AND ECONOMICS SOCIETY CONFERENCE (EBES), 2013, : 75 - 80
[39] The contemporaneous interactions between the US, Japan, and Hong Kong stock markets
Lee, KY
ECONOMICS LETTERS, 2006, 90 (01) : 21 - 27
[40] Are Chinese stock markets mature and open? Evidence from mature stock markets
Zhao, Yu
Zhang, Yu
Qi, Chunjie
AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 2011, 5 (12): : 4657 - 4665

← 1 2 3 4 5 →