Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266237 
Year of Publication: 
2022
Series/Report no.: 
QUCEH Working Paper Series No. 22-10
Publisher: 
Queen's University Centre for Economic History (QUCEH), Belfast
Abstract: 
Terrorism is a major issue in the 21st century. In this paper we examine the effect of terrorism on the stock market. We go beyond previous studies to explore the spectre of terrorism on the market rather than terrorist activities. Using a narrative-based approach à la Shiller (2019), we find that the spectre of terrorism during the Northern Ireland Troubles reduced returns and increased volatility on the UK stock market.
Subjects: 
terrorism
stock market
returns
volatility
narratives
JEL: 
C00
E44
G12
G40
N24
Document Type: 
Working Paper

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