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Mass shootings, investors’ panic, and market anomalies

Sakariyahu, Rilwan; Lawal, Rodiat; Yusuf, Abdulmueez; Olatunj, Abdulganiyu

Authors

Rilwan Sakariyahu

Rodiat Lawal

Abdulmueez Yusuf

Abdulganiyu Olatunj



Abstract

Do mass shootings exacerbate investors’ sentiments towards the stock market? We empirically examine this question using 1,947 cases of mass shootings in the US from February 2014 to May 2023. We document that investors react negatively to mass shootings, as evidenced by the drop in market index immediately following the incidence. Further analysis indicates that the impact varies by sectors and the impact of the shootings on market performance is correlated with the intensity of internet-related search about the event.

Citation

Sakariyahu, R., Lawal, R., Yusuf, A., & Olatunj, A. (2023). Mass shootings, investors’ panic, and market anomalies. Economics Letters, 321, Article 111284. https://doi.org/10.1016/j.econlet.2023.111284

Journal Article Type Article
Acceptance Date Jul 31, 2023
Online Publication Date Aug 4, 2023
Publication Date 2023-10
Deposit Date Aug 4, 2023
Publicly Available Date Aug 4, 2023
Print ISSN 0165-1765
Electronic ISSN 1873-7374
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 321
Article Number 111284
DOI https://doi.org/10.1016/j.econlet.2023.111284
Keywords Mass shooting, Investor panic, Stock market, Anomalies

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