title: A New Cold War? An Empirical Investigation of European Stock Market Effects Following the Crimean Crisis 2014
abstract: In early 2014, Crimea became the focus of the worst East-West crisis since the Cold War. In this paper, the market reaction to adverse shocks to Russian-European relations following the Crimean Crisis 2014 is examined. Conducting an event study for 229 European companies operating in Russia, the study illustrates that these companies are hit by an average of -13.5% in cumulative abnormal returns over the entire crisis period. Results establish a clear negative relationship between cumulative abn