科学研究

Professor Wang Mei obtained her Ph.D. degree in Behavioral Decision Theory from Carnegie Mellon University. She formerly served as a postdoctoral fellow at Mannheim University in Germany and an assistant professor at the University of Zurich in Switzerland. Now she is the chair and the professor of Behavioral Finance at WHU Otto Beisheim School of Management in Germany. Her main research interests include behavioral economics, cross-cultural comparison, culture economics, etc. The research papers have been published in journals such as Management Science, Quantitative Finance, Journal of Behavioral Finance, Journal of Risk and Uncertainty. She serves as an associate editor in chief of Journal of Behavioral and Experimental Finance and Finance Research Letters, a member of the editorial board of Global Finance Journal, and a reviewer for journals such as American Economic Review, Management Science, Journal of Banking and Finance, and Review of Finance.

This study delves into the impact of contemporary invasions on stock markets within advanced and emerging economies. By examining various conflicts and their progression into wars, our aim is to unveil underlying trends and patterns in market reactions. First, we conduct an event study to assess the stock market reactions to seventeen modern invasions spanning from 2001 to 2022. For each invasion and respective stock market, we calculate cumulative abnormal returns. Furthermore, we introduce a regression model to highlight disparities in stock market reactions between advanced and emerging countries. This regression model facilitates a comprehensive understanding of the relationship between cumulative abnormal returns and the geographic and economic characteristics of each country. We find that invasions mostly have a negative impact on stock markets. Emerging markets, in particular, tend to exhibit greater sensitivity and more negative stock market reactions to the onset of wars. Furthermore, the findings suggest that underlying drivers play a role in explaining abnormal returns during invasions.