Ahmed, Sheraz; Hussain, Syed Mujahid - In: Emerging Markets Finance and Trade 50 (2014) 03, pp. 35-60
We examine the effect of bilateral political and military news on the returns and volatility of the stock markets of India and Pakistan. Our results show that the volatility of both stock markets shows a significant reaction on the arrival of news related to military aggression in a reciprocal...