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ORCID

Patrycja Chodnicka-Jaworska: 0000-0001-7471-352X

Piotr Jaworski: 0000-0002-0069-9750

Marcin Kot: 0000-0002-0418-1887

Keywords

abnormal stock prices, sanctions, Ukrainian War

Abstract

The aim of this paper is to analyze the current impact of the implementation of the European Union sanctions related to the Ukrainian War on the abnormal rates of return on the stock prices of companies listed on the stock exchanges. It was hypothesized that the implementation of the European Union sanctions related to the Ukrainian War is causing the varied abnormal rates of return on the stock prices of companies listed on the stock exchanges, taking into consideration the type of sector and the geographical proximity to the military conflict. The analysis used panel data event studies prepared using the daily rates of return on the stock prices of companies listed on the stock exchanges. Data were collected from the Refinitiv Eikon database. The models included divisions according to the type of sector and the geographical proximity to the military conflict. The results show that the reactions of subsectors varied. The significant impact was in the vicinity of Russia and Ukraine.

Acknowledgments

Funding

The research received no funds.

Declaration of Conflicting Interests

The author declared no potential conflicts of interest with respect to the research, authorship, and publication of the article.

Declaration about the scope of AI utilization

The authors did not use an AI tool in the preparation of the article..

First Page

54

Last Page

81

Page Count

28

Received Date

11.07.2024

Revised Date

27.09.2024

Accept Date

13.11.2024

Online Available Date

20.12.2024

DOI

10.7172/2353-6845.jbfe.2024.2.5

JEL Code

G30, G38, C23

Publisher

University of Warsaw

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