Διπλωματική εργασία--Πανεπιστήμιο Μακεδονίας, Θεσσαλονίκη, 2024.
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Made available in DSpace on 2024-11-25T10:20:56Z (GMT). No. of bitstreams: 2
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TzitzimikaZoiMsc2024.pdf: 1334418 bytes, checksum: dc97156684b6c43a270420b45ad4270b (MD5)
Previous issue date: 2024-11-22
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The purpose of this thesis is to assess the impact of the Russian invasion of Ukraine on the financial performance of aluminum companies across different markets. In this context, an Event Study Methodology is applied, using daily stock price data from September 2021 to March 2022. The selected companies represent a geographically diversified sample. The empirical results reveal that the war impact on the aluminum industry was heterogeneous and significantly influenced by each enterprise's geographic proximity to the conflict zone. Thus, companies in Europe experienced pronounced negative returns, due to disruptions in supply chains and energy markets, while firms in more insulated regions demonstrated resilience and were able to benefit from the increasing prices of aluminum. The research results denote that the event had an immediate, adverse response in the industry, leading to increased market uncertainty. The Aggregate analysis of ARs and CARs validates the persistence of negative perception beyond the instant reaction, suggesting prolonged instability in the sector. Despite some short-term recoveries, the overall market sentiment toward the aluminum industry remained vulnerable. The study provides insights into the consequences of the event on the performance of the representative aluminum companies and concludes that geopolitical risks like the Russo-Ukrainian war have a complex and long-lasting influence on sectoral stock returns, depending on geographical exposure and market structure.
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Submitted by ΖΩΗ ΤΖΙΤΖΙΜΙΚΑ (mae24013@uom.edu.gr) on 2024-11-22T11:46:56Z
No. of bitstreams: 2
license_rdf: 701 bytes, checksum: 42fd4ad1e89814f5e4a476b409eb708c (MD5)
TzitzimikaZoiMsc2024.pdf: 1334418 bytes, checksum: dc97156684b6c43a270420b45ad4270b (MD5)
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Approved for entry into archive by Κυριακή Μπαλτά (balta@uom.gr) on 2024-11-25T10:20:56Z (GMT) No. of bitstreams: 2
license_rdf: 701 bytes, checksum: 42fd4ad1e89814f5e4a476b409eb708c (MD5)
TzitzimikaZoiMsc2024.pdf: 1334418 bytes, checksum: dc97156684b6c43a270420b45ad4270b (MD5)
(EN)
Πανεπιστήμιο Μακεδονίας
