Market behavior in the face of political violence : evidence from Tsarist Russia

Hartwell, Christopher A.

doi:10.3390/jrfm14090445

Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-23300

Publication type:	Article in scientific journal
Type of review:	Peer review (publication)
Title:	Market behavior in the face of political violence : evidence from Tsarist Russia
Authors:	Hartwell, Christopher A.
et. al:	No
DOI:	10.3390/jrfm14090445 10.21256/zhaw-23300
Published in:	Journal of Risk and Financial Management
Volume(Issue):	14
Issue:	9
Page(s):	1
Pages to:	12
Issue Date:	2021
Publisher / Ed. Institution:	MDPI
ISSN:	1911-8074 1911-8066
Language:	English
Subjects:	Efficient market; Institution; Political violence
Subject (DDC):	320: Politics 332: Financial economics
Abstract:	Even efficient financial markets may break down under periods of prolonged stress, especially when the ramification of an event is unclear. Political violence is such an event, sending immediate signals about possible impact on firm valuations but unclear information about the future viability of existing institutions. This paper examines the effect of political violence in 19th century Russia on its stock market; using a battery of unit root and variance ratio tests, the evidence is that Russian financial markets were mostly efficient in processing short-term information from political violence. However, when violence was at its peak between the assassination of the Tsar in 1881 and the 1905 revolution, large deviations from efficiency can be detected, as markets were unsure about the viability of the existing rules of the game.
URI:	https://digitalcollection.zhaw.ch/handle/11475/23300
Fulltext version:	Published version
License (according to publishing contract):	CC BY 4.0: Attribution 4.0 International
Departement:	School of Management and Law
Organisational Unit:	International Management Institute (IMI)
Appears in collections:	Publikationen School of Management and Law

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Hartwell, C. A. (2021). Market behavior in the face of political violence : evidence from Tsarist Russia. Journal of Risk and Financial Management, 14(9), 1–12. https://doi.org/10.3390/jrfm14090445

Hartwell, C.A. (2021) ‘Market behavior in the face of political violence : evidence from Tsarist Russia’, Journal of Risk and Financial Management, 14(9), pp. 1–12. Available at: https://doi.org/10.3390/jrfm14090445.

C. A. Hartwell, “Market behavior in the face of political violence : evidence from Tsarist Russia,” Journal of Risk and Financial Management, vol. 14, no. 9, pp. 1–12, 2021, doi: 10.3390/jrfm14090445.

HARTWELL, Christopher A., 2021. Market behavior in the face of political violence : evidence from Tsarist Russia. Journal of Risk and Financial Management. 2021. Bd. 14, Nr. 9, S. 1–12. DOI 10.3390/jrfm14090445

Hartwell, Christopher A. 2021. “Market Behavior in the Face of Political Violence : Evidence from Tsarist Russia.” Journal of Risk and Financial Management 14 (9): 1–12. https://doi.org/10.3390/jrfm14090445.

Hartwell, Christopher A. “Market Behavior in the Face of Political Violence : Evidence from Tsarist Russia.” Journal of Risk and Financial Management, vol. 14, no. 9, 2021, pp. 1–12, https://doi.org/10.3390/jrfm14090445.