Mass shootings, investors’ panic, and market anomalies

Rilwan Sakariyahu; Rodiat Lawal; Abdulmueez Yusuf; Abdulganiyu Olatunji

doi:10.1016/j.econlet.2023.111284

Mass shootings, investors’ panic, and market anomalies

Rilwan Sakariyahu (Lead / Corresponding author), Rodiat Lawal, Abdulmueez Yusuf, Abdulganiyu Olatunji

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Abstract

Do mass shootings exacerbate investors’ sentiments towards the stock market? We empirically examine this question using 1947 cases of mass shootings in the US from February 2014 to May 2023. We document that investors react negatively to mass shootings, as evidenced by the drop in market index immediately following the incidence. Further analysis indicates that the impact varies by sectors and the impact of the shootings on market performance is correlated with the intensity of internet-related search about the event.

Original language	English
Article number	111284
Number of pages	4
Journal	Economics Letters
Volume	231
Early online date	4 Aug 2023
DOIs	https://doi.org/10.1016/j.econlet.2023.111284
Publication status	Published - Oct 2023

Keywords

Anomalies
Investor panic
Mass shooting
Stock market

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/j.econlet.2023.111284Licence: CC BY

Final Published VersionFinal published version, 510 KBLicence: CC BY

Cite this

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Mass shootings, investors’ panic, and market anomalies

Abstract

Keywords

ASJC Scopus subject areas

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