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G20 Stock Market Reaction to the G20 New Delhi Summit, 2023

In: Proceedings of the 5th International Conference on Global Innovation and Trends in Economy 2024 (INCOGITE 2024)

Author

Listed:
  • Uliya Nurjannah

    (Jember University)

  • Intan Nurul Awwaliyah

    (Jember University)

  • Arnis Budi Susanto

    (Jember University)

  • Hadi Paramu

    (Jember University)

  • Nurhayati Nurhayati

    (Jember University)

Abstract

The purpose of this study is to examine the impact of the G20 New Delhi Summit on the stock markets of the G20 member countries. In this study, we calculated the abnormal return and the average abnormal return using the event study approach. The sample in this study consists of 43 G20 member countries. This study observes stock data of G20 member stock markets for 10 trading days around the event date. The analysis of the difference in the average abnormal return (AAR) before and after the G20 New Delhi Summit on September 9–10, 2023 revealed the impact of significant differences in the average abnormal return. This study also categorizes the data based on developed and developing countries. The analysis based on average abnormal returns shows that there are significant differences in developed countries on the day before and the day after the event. However, stock markets in developing countries do not show significant AAR differences. Finally, the regional analysis shows that the European region was affected by a positive and significant average abnormal return due to this event. Whereas, the Asian and American regions show no difference in average abnormal returns.

Suggested Citation

  • Uliya Nurjannah & Intan Nurul Awwaliyah & Arnis Budi Susanto & Hadi Paramu & Nurhayati Nurhayati, 2024. "G20 Stock Market Reaction to the G20 New Delhi Summit, 2023," Advances in Economics, Business and Management Research, in: Soebowo Musa & Eric J. Nasution & Derek Ong Lai Teik & Hanny N. Nasution & Gilbert M. Tumibay & Amiz (ed.), Proceedings of the 5th International Conference on Global Innovation and Trends in Economy 2024 (INCOGITE 2024), pages 303-316, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-585-0_22
    DOI: 10.2991/978-94-6463-585-0_22
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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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