Contagion effect of natural disaster and financial crisis events on international stock markets

In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regio...
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Gespeichert in:

Autor*in:	Lee, Kuo-Jung [verfasserIn] Lu, Su-Lien [verfasserIn] Shih, You [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	June 2018

Übergeordnetes Werk:	Enthalten in: Journal of risk and financial management - Basel : MDPI, 2008, 11(2018), 2 vom: Juni, Seite 1-25
Übergeordnetes Werk:	volume:11 ; year:2018 ; number:2 ; month:06 ; pages:1-25

Links:	Volltext Volltext Link aufrufen Terms of use

DOI / URN:	10.3390/jrfm11020016

Katalog-ID:	1024061752

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allfields	10.3390/jrfm11020016 doi 10419/238864 hdl (DE-627)1024061752 (DE-599)GBV1024061752 DE-627 ger DE-627 rda eng Lee, Kuo-Jung verfasserin aut Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih June 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents. Lu, Su-Lien verfasserin aut Shih, You verfasserin aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 2 vom: Juni, Seite 1-25 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:2 month:06 pages:1-25 https://doi.org/10.3390/jrfm11020016 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/2/16/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238864 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 2 6 1-25 26 01 0206 177483054X x1k 06-06-18 26 00 DE-206 56 contagion effect 26 00 DE-206 56 spillover effect 26 00 DE-206 56 asymmetric volatility 26 00 DE-206 56 natural disaster 26 00 DE-206 56 financial crisis
spelling	10.3390/jrfm11020016 doi 10419/238864 hdl (DE-627)1024061752 (DE-599)GBV1024061752 DE-627 ger DE-627 rda eng Lee, Kuo-Jung verfasserin aut Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih June 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents. Lu, Su-Lien verfasserin aut Shih, You verfasserin aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 2 vom: Juni, Seite 1-25 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:2 month:06 pages:1-25 https://doi.org/10.3390/jrfm11020016 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/2/16/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238864 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 2 6 1-25 26 01 0206 177483054X x1k 06-06-18 26 00 DE-206 56 contagion effect 26 00 DE-206 56 spillover effect 26 00 DE-206 56 asymmetric volatility 26 00 DE-206 56 natural disaster 26 00 DE-206 56 financial crisis
allfields_unstemmed	10.3390/jrfm11020016 doi 10419/238864 hdl (DE-627)1024061752 (DE-599)GBV1024061752 DE-627 ger DE-627 rda eng Lee, Kuo-Jung verfasserin aut Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih June 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents. Lu, Su-Lien verfasserin aut Shih, You verfasserin aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 2 vom: Juni, Seite 1-25 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:2 month:06 pages:1-25 https://doi.org/10.3390/jrfm11020016 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/2/16/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238864 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 2 6 1-25 26 01 0206 177483054X x1k 06-06-18 26 00 DE-206 56 contagion effect 26 00 DE-206 56 spillover effect 26 00 DE-206 56 asymmetric volatility 26 00 DE-206 56 natural disaster 26 00 DE-206 56 financial crisis
allfieldsGer	10.3390/jrfm11020016 doi 10419/238864 hdl (DE-627)1024061752 (DE-599)GBV1024061752 DE-627 ger DE-627 rda eng Lee, Kuo-Jung verfasserin aut Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih June 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents. Lu, Su-Lien verfasserin aut Shih, You verfasserin aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 2 vom: Juni, Seite 1-25 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:2 month:06 pages:1-25 https://doi.org/10.3390/jrfm11020016 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/2/16/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238864 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 2 6 1-25 26 01 0206 177483054X x1k 06-06-18 26 00 DE-206 56 contagion effect 26 00 DE-206 56 spillover effect 26 00 DE-206 56 asymmetric volatility 26 00 DE-206 56 natural disaster 26 00 DE-206 56 financial crisis
allfieldsSound	10.3390/jrfm11020016 doi 10419/238864 hdl (DE-627)1024061752 (DE-599)GBV1024061752 DE-627 ger DE-627 rda eng Lee, Kuo-Jung verfasserin aut Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih June 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents. Lu, Su-Lien verfasserin aut Shih, You verfasserin aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 2 vom: Juni, Seite 1-25 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:2 month:06 pages:1-25 https://doi.org/10.3390/jrfm11020016 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/2/16/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238864 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 2 6 1-25 26 01 0206 177483054X x1k 06-06-18 26 00 DE-206 56 contagion effect 26 00 DE-206 56 spillover effect 26 00 DE-206 56 asymmetric volatility 26 00 DE-206 56 natural disaster 26 00 DE-206 56 financial crisis
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author	Lee, Kuo-Jung
spellingShingle	Lee, Kuo-Jung 26 contagion effect 26 spillover effect 26 asymmetric volatility 26 natural disaster 26 financial crisis Contagion effect of natural disaster and financial crisis events on international stock markets
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topic_title	26 00 DE-206 56 contagion effect 26 00 DE-206 56 spillover effect 26 00 DE-206 56 asymmetric volatility 26 00 DE-206 56 natural disaster 26 00 DE-206 56 financial crisis Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih
topic	26 contagion effect 26 spillover effect 26 asymmetric volatility 26 natural disaster 26 financial crisis
topic_unstemmed	26 contagion effect 26 spillover effect 26 asymmetric volatility 26 natural disaster 26 financial crisis
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title	Contagion effect of natural disaster and financial crisis events on international stock markets
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title_full	Contagion effect of natural disaster and financial crisis events on international stock markets Kuo-Jung Lee, Su-Lien Lu and You Shih
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title_sort	contagion effect of natural disaster and financial crisis events on international stock markets
title_auth	Contagion effect of natural disaster and financial crisis events on international stock markets
abstract	In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents.
abstractGer	In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents.
abstract_unstemmed	In the contemporary world bustling with global trade, a natural disaster or financial crisis in one country (or region) can cause substantial economic losses and turbulence in the local financial markets, which may then affect the economic activities and financial assets of other countries (or regions). This study focuses on the major natural disasters that occurred worldwide during the last decade, especially those in the Asia–Pacific region, and the economic effects of global financial crises. The heteroscedasticity bias correlation coefficient method and exponential general autoregressive conditional heteroscedasticity model are employed to compare the contagion effect in the stock markets of the initiating country on other countries, determining whether economically devastating factors have contagion or spillover effects on other countries. The empirical results indicate that among all the natural disasters considered, the 2008 Sichuan Earthquake in China caused the most substantial contagion effect in the stock markets of neighboring Asian countries. Regarding financial crises, the financial tsunami triggered by the secondary mortgage fallout in the United States generated the strongest contagion effect on the stock markets of developing and emerging economies. When building a diversified global investment portfolio, investors should be aware of the risks of major natural disasters and financial incidents.
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title_short	Contagion effect of natural disaster and financial crisis events on international stock markets
url	https://doi.org/10.3390/jrfm11020016 http://www.mdpi.com/1911-8074/11/2/16/pdf http://hdl.handle.net/10419/238864 http://creativecommons.org/licenses/by/4.0/
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