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Abstrakt
Celem artykułu jest analiza reakcji spółek akcyjnych z sektora naftowego na wybuch wojny między Izraelem a Hamasem. W szczególności zbadano krótkoterminowe skutki najistotniejszych wydarzeń związanych z konfliktem. Zbiór danych obejmuje 10 spółek notowanych na Nowojorskiej Giełdzie Papierów Wartościowych w ciągu dwóch lat, od stycznia 2022 r. do grudnia 2023 r. Wybrano dane dzienne zamiast tygodniowych lub miesięcznych ze względu na ich większą dokładność i liczebność próby. Głównym narzędziem badawczym jest szeroko stosowana metodologia badania zdarzeń (ESM), która opiera się na założeniu hipotezy rynku efektywnego (EMH). Zgodnie z podstawowym wynikiem badania w ramach skumulowanej dodatkowej stopy zwrotu (CAR) odnotowano pozytywną reakcję na wiadomość o wybuchu wojny dzień po tym zdarzeniu. Efekt ten był jednak tymczasowy, ponieważ ceny bardzo szybko powróciły do poziomu początkowego, a nawet niższego.
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