IDEAS home Printed from https://ideas.repec.org/p/pav/demwpp/demwp0229.html
   My bibliography  Save this paper

The Russo-Ukrainian War and Its Influence on Coal Markets: Event Study and Interconnectedness Analysis

Author

Listed:
  • Yana Kostiuk

    (University of Pavia)

  • Paola Cerchiello

    (University of Pavia)

  • Arianna Agosto

    (University of Pavia)

Abstract

In this paper, we analyse the immediate market response of the coal industry to the onset of Russia’s full-scale invasion of Ukraine. We apply the event study methodology to identify the impact of the war on the coal firms’ share prices. Subsequently, we use a Time-Varying Parameter Vector Auto Regressive (TVP-VAR) approach to analyse changes in market interconnectedness. The results reveal significant cumulative average abnormal returns (CAARs) for the Titans sub-sample, indicating that coal-related firms headquartered in the United States, the UK, Canada, and Australia outperformed the stock market on a cumulative basis after the outbreak of the war. Our findings also show that the onset of the Russo-Ukrainian war resulted in an approximately 11% increase in average interconnectedness among the defined groups and led to shifts in their roles as transmitters and receivers. Specifically, while Europe and the Titans transitioned from net transmitters to net receivers, East Asia became a major net transmitter of shock.

Suggested Citation

  • Yana Kostiuk & Paola Cerchiello & Arianna Agosto, 2025. "The Russo-Ukrainian War and Its Influence on Coal Markets: Event Study and Interconnectedness Analysis," DEM Working Papers Series 229, University of Pavia, Department of Economics and Management.
    • Handle: RePEc:pav:demwpp:demwp0229
    as

    Download full text from publisher

    File URL: https://economiaemanagement.dip.unipv.it/sites/dip10/files/2025-09/DEMWP0229.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pav:demwpp:demwp0229. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alice Albonico The email address of this maintainer does not seem to be valid anymore. Please ask Alice Albonico to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/dppavit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.