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Russia-Ukraine and Israel-Palestine wars on the asymmetric multifractals of defense stocks: a novel A-MFDFA method

Author

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  • Khalid Khan
  • Adnan Khurshid
  • Javier Cifuentes-Faura

Abstract

The study uses asymmetric multifractality detrended fluctuation analysis to examine the efficiency of U.S. defense stocks in the context of the Russia-Ukraine and Israel-Palestine wars. The results reveal a greater level of multifractality in the upward movements of defense stocks such as Northrop Grumman Corporation, Huntington Ingalls Industries, Lockheed Martin, and Boeing, indicating that these stocks are less efficient during wartime. In contrast, stocks like L3Harris Technologies, Raytheon Technologies, and General Dynamics show higher multifractality in downward movements, suggesting they are more vulnerable to negative news and adverse market conditions. Policymakers should create specialized risk frameworks, improve disclosure standards, and establish adaptive regulatory mechanisms to mitigate market volatility and maintain stability during conflicts.

Suggested Citation

  • Khalid Khan & Adnan Khurshid & Javier Cifuentes-Faura, 2026. "Russia-Ukraine and Israel-Palestine wars on the asymmetric multifractals of defense stocks: a novel A-MFDFA method," Defence and Peace Economics, Taylor & Francis Journals, vol. 37(1), pages 58-77, January.
    • Handle: RePEc:taf:defpea:v:37:y:2026:i:1:p:58-77
    DOI: 10.1080/10242694.2025.2495253
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