Geopolitical risk and stock market volatility: A global perspective
Citations
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Cited by:
- Li, Xin & Su, Chi Wei, 2024. "Evaluating the impact of multiple uncertainty shocks on China's airline stocks volatility: A novel joint quantile perspective," Journal of Air Transport Management, Elsevier, vol. 121(C).
- Pan, Zhaoshuai & Guo, Jiaxing, 2025. "External uncertainty and raw material price in energy transition: Implications for green development," Renewable Energy, Elsevier, vol. 241(C).
- Ha, Le Thanh, 2025. "From wars to dynamic waves: Scrutinizing connectedness between geopolitical risk index, green and non-green crypto volatility by quantile spillovers," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 679(C).
- Bashar Abu Khalaf & Munirah Sarhan AlQahtani & Maryam Saad Al-Naimi & Meya Mardini, 2025. "Geopolitical Risk and Its Influence on Egyptian Non-Financial Firms’ Performance: The Moderating Role of FinTech," FinTech, MDPI, vol. 4(3), pages 1-20, July.
- Gabbiadini, Mirko & Meoli, Michele & Vismara, Silvio, 2025. "Geopolitical risk and systemic risk in the European banking system," Finance Research Letters, Elsevier, vol. 86(PF).
- Gu, Qinen & Li, Shaofang & Tian, Sihua & Wang, Yuyouting, 2023. "Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index," Finance Research Letters, Elsevier, vol. 58(PB).
- Cai, Yifei & Fu, Xiaowen & Zhang, Yahua, 2025. "Geopolitical risks and airlines stock return — Implications to the financial stability of European airlines," Transport Policy, Elsevier, vol. 170(C), pages 51-57.
- Tang, Ning & Huang, Yin-Siang, 2025. "Geopolitical risk exposure and credit terms: Evidence from Global supply chains," Economics Letters, Elsevier, vol. 254(C).
- Bai, Haoran & Hong, Zhiwu & Niu, Linlin, 2025. "Geopolitical risk and Taiwan’s government bond yields: Evidence from Nancy Pelosi’s visit," Finance Research Letters, Elsevier, vol. 78(C).
- Xiao, Jihong & Zhang, Jingyu & Zheng, Yan, 2025. "Geopolitical risks and oil market fear: Country-specific spillover effects," Research in International Business and Finance, Elsevier, vol. 77(PB).
- Yang, Kun & Huang, Xinyue & Yu, Wenhua & Wei, Yu, 2025. "The impacts of climate policy uncertainty on stock market extreme risk spillovers," Finance Research Letters, Elsevier, vol. 85(PB).
- Huang, Yin-Siang, 2025. "When geopolitical risks hit the supply chain: Impacts on credit default swap market," Finance Research Letters, Elsevier, vol. 82(C).
- Chatziantoniou, Ioannis & Gabauer, David & Stenfors, Alexis, 2025. "US sectoral stock market volatility and geopolitical risk categories," Finance Research Letters, Elsevier, vol. 76(C).
- Panazan Oana & Gheorghe Catalin & Calefariu Emilia, 2024. "Geopolitical Risks and Stock Market Volatility in the SAARC Region," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-15.
- Marobhe, Mutaju Isaack & Kansheba, Jonathan Mukiza & Munim, Ziaul Haque, 2025. "Geopolitical uncertainty and shipping stock returns: An event study of the Israel-Hamas conflict," Journal of Transport Geography, Elsevier, vol. 123(C).
- Chen, Xiuwen & Yao, Yinhong & Wang, Lin & Huang, Shenwei, 2024. "How EPU, VIX, and GPR interact with the dynamic connectedness among commodity and financial markets: Evidence from wavelet analysis," The North American Journal of Economics and Finance, Elsevier, vol. 74(C).
- Li, Rong & Tang, Guangyuan & Hong, Chen & Li, Sufang & Li, Bingting & Xiang, Shujian, 2024. "A study on economic policy uncertainty, geopolitical risk and stock market spillovers in BRICS countries," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
- Liu, Jiahao & Shen, Wenyu, 2024. "Financial instability in Europe: Does geopolitical risk from proximate countries and trading partners matter?," Finance Research Letters, Elsevier, vol. 66(C).
- Wei Zhou & Danxue Luo, 2026. "Decomposing, Learning, and Predicting Realized Volatilities: A Comparison Analysis From the Global Stock Markets," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 45(1), pages 135-155, January.
- Aristogenis Lazos & Laurent Pataillot, 2026. "Does Geopolitical Risk Matter for the Success of Initial Coin Offerings?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 2754-2779, April.
- U, Tony Sio-Chong & Lin, Yongjia & Wang, Yizhi, 2024. "The impact of the Russia–Ukraine war on volatility spillovers," International Review of Financial Analysis, Elsevier, vol. 93(C).
- Choi, Sun-Yong, 2024. "Sectoral responses to economic policy uncertainty and geopolitical risk in the US stock market," Journal of Multinational Financial Management, Elsevier, vol. 76(C).
- Hossain, Ashrafee T. & Masum, Abdullah-Al & Saadi, Samir, 2024. "The impact of geopolitical risks on foreign exchange markets: Evidence from the Russia–Ukraine war," Finance Research Letters, Elsevier, vol. 59(C).
- Salisu, Afees A. & Olaniran, Abeeb O. & Vo, Xuan Vinh, 2025. "Geopolitical risk, climate risk and financial innovation in the energy market," Energy, Elsevier, vol. 315(C).
- Zhang, Jixiang & Zeng, Qing & Bouri, Elie & Gozgor, Giray, 2025. "Newly-constructed Chinese geopolitical risk index and trade stock returns," Research in International Business and Finance, Elsevier, vol. 74(C).
- Choudhury, Tonmoy, 2025. "US sectors and geopolitical risk: The investor's perspective," Finance Research Letters, Elsevier, vol. 73(C).
- Catalin Gheorghe & Oana Panazan, 2025. "Geopolitical risk contagion across strategic sectors: Nonlinear evidence from defense, cybersecurity, energy, and raw materials," PLOS ONE, Public Library of Science, vol. 20(9), pages 1-17, September.
- Uttam Golder & Suborna Barua, 2025. "The dynamic linkage between fintech venture capital funding, bank credit flows, and equity market movement: evidence from a global perspective," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-57, December.
- A. Karadimitropoulou & P. Koulmas & P. Michailides & A. Triantafyllou, 2026. "From Paris to Pandemic: How Climate Risk and Policy Uncertainty Shapes Fossil and Clean Energy Commodities," Post-Print hal-05540979, HAL.
- Mollick, André Varella, 2025. "Risk, uncertainty, world business cycles, and the U.S. stock-oil relationship," Journal of Commodity Markets, Elsevier, vol. 39(C).
- Azimli, Asil & Kalmaz, Demet Beton, 2025. "The impact of Russia’s Geopolitical Risk on stock markets’ high-moment risk," Economic Systems, Elsevier, vol. 49(1).
- Abakah, Emmanuel Joel Aikins & Abdullah, Mohammad & Yousaf, Imran & Kumar Tiwari, Aviral & Li, Yanshuang, 2024. "Economic sanctions sentiment and global stock markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
- Zhu, Sha & Xia, Yuqin & Li, Qiuxuan & Chen, Yunjia, 2025. "Global geopolitical risk and financial stability: Evidence from China," Finance Research Letters, Elsevier, vol. 72(C).
- Gao, Daquan & Li, Songsong & Tian, Zhihong, 2025. "Geopolitical risk, energy market volatility, and corporate energy dependence: The role of green Total factor productivity and decentralized top management team network," Energy Economics, Elsevier, vol. 148(C).
- Naseer, Mirza Muhammad & Guo, Yongsheng & Zhu, Xiaoxian, 2025. "The dynamics of corporate climate risk and market volatility: International evidence," The North American Journal of Economics and Finance, Elsevier, vol. 78(C).
- Vishal Dagar & Amar Rao & Leila Dagher & Muneza Kagzi & Ángel Acevedo-Duque, 2026. "Geopolitical instability and environmental sustainability," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 28(1), pages 445-471, January.
- Cai, Yifei & Zhang, Yahua & Wu, Yanrui & Chang, Tsangyao, 2024. "Airline stock market performance and political relations: A cross-quantilogram analysis of Chinese and US carriers," Transport Policy, Elsevier, vol. 155(C), pages 124-149.
- Anh Thi Phuong Hoang & Bao Cong Nguyen To & Hoang Dinh Tran, 2025. "Safe havens in the digital age: Cryptocurrencies and geopolitical risks," HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE, HO CHI MINH CITY OPEN UNIVERSITY, vol. 15(3), pages 160-180.
- Pan, Changchun & Zhang, Weiqi & Wang, Weiqiang, 2023. "Global geopolitical risk and volatility connectedness among China's sectoral stock markets," Finance Research Letters, Elsevier, vol. 58(PC).
- López Prol, Javier, 2025. "Taiwan’s stock market resilience to increasing geopolitical risk," Finance Research Letters, Elsevier, vol. 80(C).
- Karadas, Serkan & Schlosky, Minh Tam Tammy, 2024. "What explains trading behaviors of members of congress? Evidence from over 100,000 congressional stock trades," International Review of Economics & Finance, Elsevier, vol. 96(PB).
- Papavassiliou, Vassilios G., 2025. "On the relationship between geopolitical risks and euro area sovereign bond yields," Finance Research Letters, Elsevier, vol. 75(C).
- Marangoz, Cumali & Gerekan, Bekir & Yılmaz, Erdal & Bulut, Emre, 2025. "Disentangling geopolitical risks: A quantile approach to geopolitical risk indices’ impacts on stock markets," Finance Research Letters, Elsevier, vol. 77(C).
- Schlosky, Minh Tam Tammy & Karadas, Serkan & Stivers, Adam, 2024. "Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles," International Review of Financial Analysis, Elsevier, vol. 96(PB).
- Lei, Shaohai & Chen, Yilan & Xia, Dehua, 2025. "Does climate risk disclosure affect stock liquidity?," Research in International Business and Finance, Elsevier, vol. 80(C).
- Cai, Yifei & Shen, Yijuan & Uddin, Gazi Salah, 2025. "Financial conditions and Sino-US tensions: A Granger causality analysis of diverging financial condition indicators," Finance Research Letters, Elsevier, vol. 79(C).
- Lu, Xinjie & Zeng, Qing & Zhong, Juandan & Zhu, Bo, 2024. "International stock market volatility: A global tail risk sight," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
- Animesh Bhattacharjee & Jayeeta Debnath Munshi & Joy Das, 2026. "From Manila to Beijing: Geopolitical Risk, Macroeconomics, and the Indian Stock Market in a Volatile Region," Metamorphosis: A Journal of Management Research, , vol. 25(1), pages 79-86, April.
- Wang, Man & Wang, Xueting, 2025. "Geopolitical risk and corporate maturity mismatch," Journal of Financial Stability, Elsevier, vol. 78(C).
- Banerjee, Ameet Kumar & Sensoy, Ahmet & Goodell, John W., 2024. "Volatility connectedness between geopolitical risk and financial markets: Insights from pandemic and military crisis periods," International Review of Economics & Finance, Elsevier, vol. 96(PC).
- Migliavacca, Milena & Anwer, Zaheer & Fandella, Paola, 2026. "Geopolitical risk and stock market volatility: The case of US weapon and non-weapon firms," Research in International Business and Finance, Elsevier, vol. 81(C).
- Abakah, Emmanuel Joel Aikins & Abdullah, Mohammad & Akinsomi, Omokolade & Tiwari, Aviral Kumar, 2025. "Geopolitical risk and real estate stock crash," Finance Research Letters, Elsevier, vol. 80(C).
- Snarska, Małgorzata & Frydrych, Sylwia & Łukowski, Michał & Czech, Maria & Perez, Katarzyna, 2025. "Semiconductor game of thrones: A comprehensive study of geopolitical and equity market uncertainty transmission," International Review of Financial Analysis, Elsevier, vol. 106(C).
- Eissa, Mohamed Abdelaziz & Al Refai, Hisham & Chortareas, Georgios, 2024. "Heterogeneous impacts of geopolitical risk factors on stock markets in the Middle East: A quantile regression analysis across four emerging economies," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).
- Liu, Lingjuan & Qin, Weina & Zheng, Huangang & Liu, Wei, 2025. "Intermediary roles of box office earnings and leading actor influences on the relationship between box office buzz and stock price fluctuations," Finance Research Letters, Elsevier, vol. 79(C).
- Mohit Saini & Mahender Yadav & Abel Mawuko Agoba & Albert Danso & Emmanuel Adu‐Ameyaw, 2025. "Geopolitical Risk, Market Indices, and ESG Performance During Crises," Business Strategy and the Environment, Wiley Blackwell, vol. 34(7), pages 9421-9440, November.
- Jawadi, Fredj & Rozin, Philippe & Gnegne, Yacouba & Cheffou, Abdoulkarim Idi, 2024. "Geopolitical risks and business fluctuations in Europe: A sectorial analysis," European Journal of Political Economy, Elsevier, vol. 85(C).
- Choi, Sun-Yong & Hadad, Elroi, 2025. "The dynamic relationship among economic and monetary policy, geopolitical risk, sentiment, and risk aversion: A TVP-VAR approach," Finance Research Letters, Elsevier, vol. 72(C).
- Wang, Daoping & Li, Kangle & Shen, Xinyan, 2025. "Fear of war: Geopolitical risks and the potential impact on local government bonds, stock market and FDI in China," Economics Letters, Elsevier, vol. 251(C).
- Kejin Wu & Sayar Karmakar & Rangan Gupta, 2023.
"GARCHX-NoVaS: A Model-free Approach to Incorporate Exogenous Variables,"
Papers
2308.13346, arXiv.org, revised Sep 2024.
- Kejin Wu & Sayar Karmakar & Rangan Gupta, 2024. "GARCHX-NoVaS: A Model-Free Approach to Incorporate Exogenous Variables," Working Papers 202425, University of Pretoria, Department of Economics.
- Wanidwaranan, Phasin & Wongkantarakorn, Jutamas & Padungsaksawasdi, Chaiyuth, 2025. "Geopolitical risk, herd behavior, and cryptocurrency market," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).
- Linlin Niu & Haoran Bai & Zhiwu Hong, 2026. "Geopolitical Risks, Inflation Pressure, and the U.S. Treasury Yield Curve," Working Papers 2025-09-25, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
- Naseer, Mirza Muhammad & Guo, Yongsheng & Bagh, Tanveer & Zhu, Xiaoxian, 2024. "Sustainable investments in volatile times: Nexus of climate change risk, ESG practices, and market volatility," International Review of Financial Analysis, Elsevier, vol. 95(PB).
- Kotsompolis, Giorgos & Prelorentzos, Arsenios-Georgios N. & Xidonas, Panos & Konstantakis, Konstantinos N. & Michaelides, Panayotis G., 2025. "European financial markets, energy returns and geopolitical risk: A frequency domain spectral analysis," Energy Economics, Elsevier, vol. 150(C).
- Kejin Wu & Sayar Karmakar & Rangan Gupta, 2025. "GARCHX‐NoVaS: A Bootstrap‐Based Approach of Forecasting for GARCHX Models," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(7), pages 2151-2169, November.
- Cao, Ngan Duong & Trinh, Vu Quang & Nguyen, Tam Duc, 2025. "Geopolitical uncertainty and firm tail risk: Evidence from energy-focused economies," Energy Economics, Elsevier, vol. 150(C).
- Fiorillo, Paolo & Meles, Antonio & Pellegrino, Luigi Raffaele & Verdoliva, Vincenzo, 2024. "Geopolitical risk and stock price crash risk: The mitigating role of ESG performance," International Review of Financial Analysis, Elsevier, vol. 91(C).
- Mustafa Almabrouk Abdalla Alfughi & Asil Azimli, 2025. "The Impact of Geopolitical Risk on the Connectedness Dynamics Among Sovereign Bonds," Mathematics, MDPI, vol. 13(15), pages 1-36, July.
- Liu, Jiahao & Zhu, Bo & Hu, Xin, 2024. "Systemic risk spillovers among global energy firms: Does geopolitical risk matter?," Energy Economics, Elsevier, vol. 140(C).
- Kuo-Yan Wang & Jing Yu & Ka-Yin Chau & Jinchao Chen, 2025. "RETRACTED ARTICLE: Exploring Sustainability Dynamics in Chinese Folk Belief Consumer Behavior: A Quintuple Innovation Helix Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 3350-3385, March.
- Abdelaziz Eissa, Mohamed & Al Refai, Hisham & Chortareas, Georgios, 2025. "Oil dependency, political instability and the stock market: A perspective from the Middle East and Africa," Journal of Policy Modeling, Elsevier, vol. 47(6), pages 1201-1221.
- Chiang, Thomas C., 2025. "The effect of climate policy uncertainty and induced risks on US aggregate and sectoral stock returns," Research in International Business and Finance, Elsevier, vol. 76(C).
- Dieckelmann, Daniel & Larkou, Chloe & McQuade, Peter & Pancaro, Cosimo & Rößler, Denise, 2025. "Geopolitical risk and euro area bank CDS spreads and stock prices: Evidence from a new index," Economics Letters, Elsevier, vol. 254(C).
- Zhang, Yaojie & Zhang, Yuxuan & Ren, Xinrui & Jin, Meichen, 2024. "Geopolitical risk exposure and stock returns: Evidence from China," Finance Research Letters, Elsevier, vol. 64(C).
- Niu, Zibo & Wang, Chenlu & Zhang, Hongwei, 2023. "Forecasting stock market volatility with various geopolitical risks categories: New evidence from machine learning models," International Review of Financial Analysis, Elsevier, vol. 89(C).
- Byrka-Kita, Katarzyna & Czerwiński, Mateusz & Preś-Perepeczo, Agnieszka & Bajerska, Aurelia, 2025. "National board heterogeneity versus firm risk in times of war: Evidence from the Crimean crisis," International Review of Financial Analysis, Elsevier, vol. 104(PA).
- Mo, Bin & Chen, Jiaru & Shi, Qinling & Zeng, Zichun, 2025. "Cryptocurrencies as safe havens for geopolitical risk? A quantile analysis approach," The North American Journal of Economics and Finance, Elsevier, vol. 79(C).
- Abdelaziz Eissa, Mohamed & Al Refai, Hisham, 2024. "Context-dependent responses to geopolitical risk in Middle Eastern and African stock markets: An asymmetric volatility spillover study," International Review of Economics & Finance, Elsevier, vol. 94(C).
- Chishti, Muhammad Zubair & Xia, Xiqiang & Du, Anna Min & Özkan, Oktay, 2025. "Digital financial inclusion, the belt and road initiative, and the Paris agreement: Impacts on energy transition grid costs," Finance Research Letters, Elsevier, vol. 72(C).
- Gao, Jie & Fan, Chunguo & Xu, Liang & Chen, Hongni & Chen, Hangyu & Liang, Zhilei, 2025. "Intelligent decision making and risk management in stock index futures markets under the influence of global geopolitical volatility," Omega, Elsevier, vol. 133(C).
- Kononov, Natalia & Linzen, Itai, 2026. "Consumer attitudes toward brand supportive communication during geopolitical crises," Journal of Business Research, Elsevier, vol. 203(C).
- Bellardini, Luca & Roggi, Oliviero & Tkach, Kateryna, 2025. "International relations as a driver of equity investments: Evidence from shareholders’ reaction to geopolitical shocks," Research in International Business and Finance, Elsevier, vol. 80(C).
- Hasan Kazak & Buerhan Saiti & Cüneyt Kılıç & Ahmet Tayfur Akcan & Ali Rauf Karataş, 2025. "Impact of Global Risk Factors on the Islamic Stock Market: New Evidence from Wavelet Analysis," Computational Economics, Springer;Society for Computational Economics, vol. 65(6), pages 3573-3604, June.
- Yaghoubi, Mona, 2024. "Executive characteristics as moderators: Exploring the impact of geopolitical risk on capital structure decisions," International Review of Financial Analysis, Elsevier, vol. 93(C).
- Ahmed Bossman & Mariya Gubareva & Tamara Teplova, 2023. "Economic policy uncertainty, geopolitical risk, market sentiment, and regional stocks: asymmetric analyses of the EU sectors," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 13(3), pages 321-372, December.
- Mariola Piłatowska & Andrzej Geise, 2025. "Macroeconomic Effects of Oil Price Shocks in the Context of Geopolitical Events: Evidence from Selected European Countries," Energies, MDPI, vol. 18(15), pages 1-22, August.
- Zhang, Weiqian & Li, Songsong & Romanova, Valentina & Xu, Nan, 2025. "Dynamic spillovers between Chinese oil futures market and global financial markets under geopolitical risks," Energy, Elsevier, vol. 326(C).
- Wang, Jiqian & Ma, Feng & Wang, Tianyang & Wu, Lan, 2023. "International stock volatility predictability: New evidence from uncertainties," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
- Roy, Tonoy & Bhuiyan, Rubaiyat Ahsan & Ahmed, Sarwar Uddin & Abdullah, Mohammad, 2024. "Geopolitical conflict and firm bankruptcy risk," Finance Research Letters, Elsevier, vol. 68(C).
- Zhou, Zhiping & Wang, Kai, 2025. "War discourse predicts stock market volatility: A century of evidence," Finance Research Letters, Elsevier, vol. 82(C).
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