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Purpose: This paper investigates the short-term market impact of the beginning of the military conflict between Russia and Ukraine (February 24, 2022) on a set of airline stocks listed. Design/methodology/approach: This study uses an event study methodology, cross-section analyses and interaction effects to study the effect of the war on airline stock prices and firm-specific characteristics that explain the cumulative abnormal return. Findings: The authors observe a negative and statistically significant stock price reaction at and around the beginning of the military conflict between Russia and Ukraine, for 74 listed airlines. These results are consistent with investment portfolio rebalancing and asset pricing perspective. Moreover, this study's results show a higher negative stock market reaction for airlines based in Europe. Empirical evidence suggests the existence of a "proximity penalty" for European companies. Finally, this study's results provide insights into which airline-specific characteristics emerge as value drivers. Larger, well-capitalized (high liquidity and low debt) and profitable airlines firms with less institutional ownership have superior stock market returns and show more able to handle with the losses resulting from the war. Originality/value: This paper fills a gap in the literature about the impact of the Russia–Ukraine war on the airline industry. [ABSTRACT FROM AUTHOR]

This paper examines the short‐term market reaction of four agricultural commodities to the Russian–Ukraine war and various stages of the Black Sea Grain Initiative Agreement. Using an event study, the results show a positive abnormal return for the agricultural grain markets with the outbreak of the war and the nonrenewal of the Black Sea Grain Agreement. These two events by causing supply‐side constraints, led to an increase in the price of grains. The results also show negative and statistically significant abnormal returns around the signing of the Black Sea Grain Agreement, its implementation through the departure of the first ship loaded with Ukrainian grain after the beginning of the war and the successive extensions of the agreement. These disruptions not only affect Ukraine and Russia but also have critical implications for world food security. Policy implications of our findings are provided. [ABSTRACT FROM AUTHOR]

• The paper examines the financial market impact of the Hamas' terrorist attack against Israel. • We employ an event study to investigate the short-term market reaction. • Negative abnormal returns in global equity markets are limited to the Middle East. • Positive abnormal returns are reported for the commodity and bond markets. • Bonds and commodities are a safe haven against conflict risk. This study used event study methodology to examine the impact of Hamas' terrorist attack against Israel in global equity, commodities, and bond markets. The results show that negative abnormal returns in global equity markets are limited to the Middle East region. The major world economies - China, Europe and the US, present insignificant abnormal returns. The increase in geopolitical risk, however, brings good news for commodities and bonds that observe significant positive abnormal returns with the intensification of the conflict. This result means that bonds and commodities are a hedge against stocks on average and a safe haven against conflict risk. [ABSTRACT FROM AUTHOR]