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Testing the Effect of the Conflict in Georgia in 2008 on Energy Market

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  • Izatov, Asset

Abstract

This paper focuses on providing empirical evidence that the conflict in Georgia 08/08/08 had an effect on the worldwide energy market. The idea was inspired by the popular event studies, testing the effects of the conflicts in oil and gas rich countries, where they found out significant aftermath on the stock market. Using the Event Study approach to detect the influence of the conflict, we failed to support these claims. We compared the returns on energy industry before the event and after the event, made statistical tests on them, but did not find any evidence of our hypothesis to be true.

Suggested Citation

  • Izatov, Asset, 2014. "Testing the Effect of the Conflict in Georgia in 2008 on Energy Market," MPRA Paper 70787, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:70787
    as

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    File URL: https://mpra.ub.uni-muenchen.de/70787/1/MPRA_paper_70787.pdf
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    References listed on IDEAS

    as
    1. José G. Montalvo & Marta Reynal-Querol, 2005. "Ethnic Polarization, Potential Conflict, and Civil Wars," American Economic Review, American Economic Association, vol. 95(3), pages 796-816, June.
    2. repec:cup:cbooks:9781107034662 is not listed on IDEAS
    3. Massimo Guidolin & Eliana La Ferrara, 2010. "The economic effects of violent conflict: Evidence from asset market reactions," Journal of Peace Research, Peace Research Institute Oslo, vol. 47(6), pages 671-684, November.
    4. Brooks,Chris, 2014. "Introductory Econometrics for Finance," Cambridge Books, Cambridge University Press, number 9781107661455, December.
    5. Fama, Eugene F & French, Kenneth R, 1996. "The CAPM Is Wanted, Dead or Alive," Journal of Finance, American Finance Association, vol. 51(5), pages 1947-1958, December.
    6. Kim, Jeong-Ryeol, 2002. "The stable long-run CAPM and the cross-section of expected returns," Discussion Paper Series 1: Economic Studies 2002,05, Deutsche Bundesbank.
    7. José Garcia Montalvo & Marta Reynal-Querol, 2004. "Ethnic polarization, potential conflict and civil wars," Economics Working Papers 770, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2005.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Georgian Conflict; Energy; Oil and Gas; Baku-Tbilisi-Ceyhan pipeline; empirical research; event study.;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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