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Wealth effects of the Securities and Exchange Commission's 'terror tool'

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  • Wolfgang Breuer
  • Moritz Felde

Abstract

In summer 2007, the Securities and Exchange Commission published an online tool with information on firms doing business in State Sponsor of Terrorism countries. We take sides with those arguing that for moral reasons, investors will have traded on the information provided in the tool by selling stocks of mentioned firms. Contrary to our expectation, we find no evidence of a negative stock price reaction during the time the tool was posted online but do find such reaction subsequent to the tool's publication. Additionally, we provide evidence for the notion that stigmatisation is not transitory.

Suggested Citation

  • Wolfgang Breuer & Moritz Felde, 2015. "Wealth effects of the Securities and Exchange Commission's 'terror tool'," The European Journal of Finance, Taylor & Francis Journals, vol. 21(7), pages 527-547, May.
    • Handle: RePEc:taf:eurjfi:v:21:y:2015:i:7:p:527-547
    DOI: 10.1080/1351847X.2013.856331
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    Cited by:

    1. Wolfgang Breuer & Moritz Felde & Bertram I. Steininger, 2017. "The Financial Impact of Firm Withdrawals from “State Sponsor of Terrorism” Countries," Journal of Business Ethics, Springer, vol. 144(3), pages 533-547, September.

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