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The main objective of this study is to examine the return pattern around the periods ofGulf War and Iraq War in the global stock markets including Dow Jones Industrials,NASDAQ composite,S&P 500 composite,FTSE and HangSeng.The author uses theBox-Jenkins approach to build an ARMA model and measures the abnormal return ofthe 5 different stock markets in 2 different event periods.The results shows that theoverall impact on stock markets in the Gulf War is negative,however,the stockmarkets yield positive cumulative abnormal returns during the period of Iraq war.Theauthor also makes some other deep analyzes of the results.This dissertation may be ofinterest to investors and financial analysts,especially those who intend to makeinternational investment when a war breaks out sometimes in the future.