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Expectations and market reactions to data breaches

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  • Oyima-Antseleve, Ndackyssa

Abstract

Prior research reveals a broad spectrum of stock price reactions to data breach announcements. I propose that these variations are partly explained by shareholders’ expectations regarding the magnitude and scale of each breach. Additionally, I argue that the extent of subsequent sales declines in breached firms aligns with the observed stock price fluctuations around the announcement. Using data on breaches from 2005 to 2019, I find evidence supporting both propositions.

Suggested Citation

  • Oyima-Antseleve, Ndackyssa, 2026. "Expectations and market reactions to data breaches," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s154461232502450x
    DOI: 10.1016/j.frl.2025.109201
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