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Geopolitical risk and stock market volatility: A global perspective

Citations

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Cited by:

  1. 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).
  2. Pan, Zhaoshuai & Guo, Jiaxing, 2025. "External uncertainty and raw material price in energy transition: Implications for green development," Renewable Energy, Elsevier, vol. 241(C).
  3. 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).
  4. 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.
  5. Gabbiadini, Mirko & Meoli, Michele & Vismara, Silvio, 2025. "Geopolitical risk and systemic risk in the European banking system," Finance Research Letters, Elsevier, vol. 86(PF).
  6. 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).
  7. 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.
  8. Tang, Ning & Huang, Yin-Siang, 2025. "Geopolitical risk exposure and credit terms: Evidence from Global supply chains," Economics Letters, Elsevier, vol. 254(C).
  9. 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).
  10. 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).
  11. 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).
  12. Huang, Yin-Siang, 2025. "When geopolitical risks hit the supply chain: Impacts on credit default swap market," Finance Research Letters, Elsevier, vol. 82(C).
  13. Chatziantoniou, Ioannis & Gabauer, David & Stenfors, Alexis, 2025. "US sectoral stock market volatility and geopolitical risk categories," Finance Research Letters, Elsevier, vol. 76(C).
  14. 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.
  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).
  16. 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).
  17. 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).
  18. 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).
  19. 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.
  20. 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.
  21. 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).
  22. 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).
  23. 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).
  24. 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).
  25. 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).
  26. Choudhury, Tonmoy, 2025. "US sectors and geopolitical risk: The investor's perspective," Finance Research Letters, Elsevier, vol. 73(C).
  27. 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.
  28. 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.
  29. 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.
  30. Mollick, André Varella, 2025. "Risk, uncertainty, world business cycles, and the U.S. stock-oil relationship," Journal of Commodity Markets, Elsevier, vol. 39(C).
  31. 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).
  32. 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).
  33. 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).
  34. 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).
  35. 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).
  36. 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.
  37. 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.
  38. 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.
  39. 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).
  40. López Prol, Javier, 2025. "Taiwan’s stock market resilience to increasing geopolitical risk," Finance Research Letters, Elsevier, vol. 80(C).
  41. 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).
  42. Papavassiliou, Vassilios G., 2025. "On the relationship between geopolitical risks and euro area sovereign bond yields," Finance Research Letters, Elsevier, vol. 75(C).
  43. 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).
  44. 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).
  45. Lei, Shaohai & Chen, Yilan & Xia, Dehua, 2025. "Does climate risk disclosure affect stock liquidity?," Research in International Business and Finance, Elsevier, vol. 80(C).
  46. 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).
  47. 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).
  48. 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.
  49. Wang, Man & Wang, Xueting, 2025. "Geopolitical risk and corporate maturity mismatch," Journal of Financial Stability, Elsevier, vol. 78(C).
  50. 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).
  51. 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).
  52. 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).
  53. 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).
  54. 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).
  55. 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).
  56. 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.
  57. 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).
  58. 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).
  59. 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).
  60. 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.
  61. 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).
  62. 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.
  63. 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).
  64. 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).
  65. 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.
  66. 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).
  67. 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).
  68. 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.
  69. Liu, Jiahao & Zhu, Bo & Hu, Xin, 2024. "Systemic risk spillovers among global energy firms: Does geopolitical risk matter?," Energy Economics, Elsevier, vol. 140(C).
  70. 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.
  71. 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.
  72. 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).
  73. 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).
  74. 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).
  75. 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).
  76. 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).
  77. 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).
  78. 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).
  79. 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).
  80. 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).
  81. Kononov, Natalia & Linzen, Itai, 2026. "Consumer attitudes toward brand supportive communication during geopolitical crises," Journal of Business Research, Elsevier, vol. 203(C).
  82. 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).
  83. 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.
  84. 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).
  85. 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.
  86. 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.
  87. 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).
  88. 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).
  89. Roy, Tonoy & Bhuiyan, Rubaiyat Ahsan & Ahmed, Sarwar Uddin & Abdullah, Mohammad, 2024. "Geopolitical conflict and firm bankruptcy risk," Finance Research Letters, Elsevier, vol. 68(C).
  90. 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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