2011 일본지진이 항공운송기업 주식가치에 미치는 영향 = The impact of Japan`s 2011 earthquake on Aviation firms` stock values

다국어 초록 (Multilingual Abstract)

The earthquake that occurred in Japan on 11th, March 2011, has made a profound negative impact on the global financial markets, and physical damage has been estimated to be from $195 billion to as much as $305 billion. As the third-largest economy in the world, Japan`s GDP at $5.5 trillion accounts for 8.7% of global GDP. The net impact of the earthquake on global GDP is expected to shave about a half percentage point off global economic growth. This paper investigates the relationship between Japan`s 2011 earthquake and aviation firms` stock values. Results indicate the significant and negative CARs in the share prices of aviation firms. The VARMAX model has a convergent representation with the pairs of impulse and responses. In the pairs of Japan variable and aviation firms` stock returns, we can see the short-run responses. This study suggests empirical implications to air carriers` stock values by analyzing and discussing stock prices, CAR, VAR, and the impulse response function of stock returns.

참고문헌 (Reference)

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