@article{ref1,
title="Do earthquakes shake stock markets?",
journal="PLoS one",
year="2015",
author="Ferreira, Susana and Karali, Berna",
volume="10",
number="7",
pages="e0133319-e0133319",
abstract="This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. <br><br>RESULTS show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. <br><br>RESULTS also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan.<p /> <p>Language: en</p>",
language="en",
issn="1932-6203",
doi="10.1371/journal.pone.0133319",
url="http://dx.doi.org/10.1371/journal.pone.0133319"
}