1 Introduction
2 Literature review and hypotheses
2.1 State of research—event studies in the context of Brexit
Publication | Year | Methodology | Events |
---|---|---|---|
The response of European stock markets to the Brexit (Raddant 2016) | 2016 | Analysis of the correlation of market indices, stock volatility and the special role of stocks from the financial sector using a multivariate GARCH model | Brexit Referendum (June 2016) |
The sectoral effects of Brexit on the British economy: early evidence from the reaction of the stock market (Ramiah et al. 2017) | 2017 | Assessment of the impact of Brexit against expectations measured by abnormal returns using the event study methodology | Brexit Referendum (June 2016) |
Brexit implications over the England Banking System—An Event Study Approach (Cazan 2017) | 2017 | Event study on a panel of 11 financial institutions listed on the London Stock Exchange | Brexit Referendum (June 2016) |
The Economic Effects of Brexit: Evidence from the Stock Market (Breinlich et al. 2018) | 2018 | Two-step procedure to estimate the impact of several Brexit-related variables on the abnormal returns of UK-listed firms | Brexit Referendum (June 2016); Two speeches by Theresa (October 2016 and January 2017) |
Performance of Exchange Traded Funds during the Brexit Referendum: An Event Study (Alkhatib and Harasheh 2018) | 2018 | Event study market model on daily and abnormal returns of the selected ETFs with respect to FTSE 250 around the event date | Brexit Referendum (June 2016) |
Stock Market Reactions to Brexit: Case of Selected CEE and SEE Stock Markets (Škrinjarić 2019) | 2019 | Analysis of reactions of selected Central and Eastern European and South and Eastern European stock markets to the Brexit referendum using event study methodology | Brexit Referendum (June 2016) |
Brexit referendum and European stock markets: a sector analysis (Kenourgios et al. 2020) | 2019 | Performance of an event study to measure cumulative abnormal returns during the post-referendum announcement period | Brexit Referendum (June 2016) |
Impact of Brexit: Evidence from Stock Markets—An event study analysis of the Oslo Stock Exchange and the London Stock Exchange (Deva and Madhuchandra 2020) | 2020 | Event study analysis of the Oslo Stock Exchange and the London Stock Exchange | Brexit Referendum (June 2016) |
2.2 Research gaps and aims of the study
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Q1: Do Brexit news lead to daily or cumulative abnormal returns for European insurance companies represented by the Insurance Index?
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H0Q1: Daily and cumulative abnormal return of the Insurance Index on a given day/in a defined window is equal to zero.
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HAQ1: Daily and cumulative abnormal return of the Insurance Index on a given day/in a defined window is not equal to zero.
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Q2: Are the abnormal returns dependent on the domicile (EU or UK) of the insurance companies?
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Q3: Are the abnormal returns related to the proportion of insurance business written in the UK?
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H0Q2, Q3: Daily and cumulative abnormal return of each Sub-Index on a given day/in a defined window is equal to zero.
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HAQ2, Q3: Daily and cumulative abnormal return of each Sub-Index on a given day/in a defined window is not equal to zero.
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3 Methodology and research design
3.1 Event study methodology
3.2 Data basis and indexation
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Sub-Index 1: Based in the EU and less than 20% insurance business written in the UK
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Sub-Index 2: Based in the EU and more than 20% insurance business written in the UK
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Sub-Index 3: Based in the UK and less than 50% insurance business written in the UK
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Sub-Index 4: Based in the UK and more than 50% insurance business written in the UK
Group | Company (ISIN) | Country | % UK | % EU | % Other |
---|---|---|---|---|---|
1 | Ageas N.V. (BE0974264930) | Belgium | 13.0 | 87.0 | 0.1 |
1 | Allianz (DE0008404005) | Germany | 4.5 | 74.8 | 20.6 |
1 | Assicurazioni Generali S.p.A. (IT0000062072) | Italy | 0.0 | 94.7 | 5.3 |
1 | AXA S.A. (FR0000120628) | France | 9.1 | 60.8 | 30.1 |
1 | CNP Assurances S.A. (FR0000120222) | France | 0.0 | 78.2 | 21.8 |
1 | KBC Groep N.V. (BE0003565737) | Belgium | 0.0 | 100.0 | 0.0 |
1 | Mapfre, SAReg (ES0124244E34) | Spain | 3.2 | 55.5 | 41.3 |
1 | Nürnberger Beteiligungs-AG (DE0008435967) | Germany | 0.0 | 100.0 | 0.0 |
2 | AEGON N.V. (NL0000303709) | Netherlands | 47.2 | 11.4 | 41.4 |
2 | Hannover Rück (DE0008402215) | Germany | 22.5 | 20.8 | 56.6 |
2 | Munich Re AG (DE0008430026) | Germany | 27.6 | 20.9 | 51.5 |
3 | Lloyds Banking Group (GB0008706128) | United Kingdom | 42.4 | 7.9 | 49.7 |
3 | Prudential plc (GB0007099541) | United Kingdom | 30.6 | 0.0 | 69.4 |
4 | Admiral Group plc (GB00B02J6398) | United Kingdom | 74.9 | 15.0 | 10.1 |
4 | Aviva plc (GB0002162385) | United Kingdom | 56.0 | 33.6 | 10.4 |
4 | Direct Line Insurance Group (GB00BY9D0Y18) | United Kingdom | 100.0 | 0.0 | 0.0 |
4 | Standard Life Aberdeen plc (GB00BF8Q6K64) | United Kingdom | 91.8 | 8.2 | 0.0 |
3.3 Parameters of the event study
3.3.1 Event definition
3.3.2 Selection criteria
3.3.3 Estimation window
Event | Event Date | Event Window | Estimation Window |
---|---|---|---|
Referendum | 23.06.2016 | [−5; 5] 16.06.–30.06.2016 | [−233; −6] 23.06.2015–15.06.2016 |
UK Election | 12.12.2019 | [−5; 5] 05.12.–19.12.2019 | [−241; −6] 12.12.2018–04.12.2019 |
Withdrawal | 31.01.2020 | [−5; 5] 24.01.–07.02.2020 | [−241; −6] 31.01.2019–23.01.2020 |
Brexit Deal | 23.12.2020a | [−5; 5] 16.12.2020–05.01.2021 | [−251; −6] 23.12.2019–15.12.2020 |
3.3.4 Abnormal return calculation
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\(P_{it}\)= price of stock i on day t
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\(P_{it-1}\)= price of stock i on day t‑1
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\(\alpha _{i}\)= Estimated parameter for the estimation period
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\(\beta _{i}\)= Estimated parameter for the estimation period that reflects the sensitivity of the individual stocks to the benchmark
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\(R_{mt}\)= Market return on day t
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\(\varepsilon _{i}\)= Stochastic disturbance variable with an expected value of 0
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\(R_{it}\)= daily return of stock i on day t
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\(E(R_{it})\)= expected return of stock i on day t
3.3.5 Testing framework
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\(SE(AR_{it})\)= Standard error of abnormal returns in the estimation window
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\(AR_{it}\)= Abnormal return of stock i on day t
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\(\overline{AR}\)= Average abnormal return in the estimation window
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n = Size of the sample (estimation window)
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−6 = End of estimation window based on event window [−5; 5]
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x = n + 5 based on event window [−5; 5]
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\(SE(AR_{it})\)= Standard error of abnormal returns in the estimation window
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\(\mathrm{CAR}_{it}\)= Cumulative abnormal return
4 Results
4.1 Results event 1—Brexit referendum (23 June 2016)
Benchmark: EURO STOXX 50 | Benchmark: FTSE 100 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
t | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ||||||||||
+5 | −1.6% | 0.055 | −0.9% | 0.201 | −0.3% | 0.738 | −3.9% | 0.021 | * | −0.3% | 0.868 | −0.5% | 0.725 | 0.2% | 0.920 | 0.8% | 0.623 | −2.9% | 0.127 | 0.7% | 0.710 | |||||||||
+4 | 1.0% | 0.199 | 0.3% | 0.695 | −0.2% | 0.820 | 2.6% | 0.121 | 1.7% | 0.260 | 3.0% | 0.044 | * | 2.7% | 0.098 | 2.0% | 0.206 | 3.9% | 0.041 | * | 3.2% | 0.081 | ||||||||
+3 | 1.3% | 0.119 | −0.6% | 0.403 | −1.2% | 0.165 | 5.6% | 0.001 | ** | 1.9% | 0.209 | 2.8% | 0.060 | 1.4% | 0.379 | 0.7% | 0.673 | 6.3% | 0.001 | ** | 2.9% | 0.109 | ||||||||
+2 | −6.2% | 0.000 | *** | −3.9% | 0.000 | *** | −2.1% | 0.011 | * | −12.0% | 0.000 | *** | −6.9% | 0.000 | *** | −8.7% | 0.000 | *** | −6.3% | 0.000 | *** | −4.5% | 0.004 | ** | −14.7% | 0.000 | *** | −9.3% | 0.000 | *** |
+1 | −8.1% | 0.000 | *** | −4.7% | 0.000 | *** | −0.3% | 0.750 | −16.4% | 0.000 | *** | −9.7% | 0.000 | *** | −15.1% | 0.000 | *** | −12.5% | 0.000 | *** | −7.6% | 0.000 | *** | −22.6% | 0.000 | *** | −15.7% | 0.000 | *** | |
0 | 0.2% | 0.834 | 0.1% | 0.861 | 0.0% | 0.967 | 0.3% | 0.874 | 0.3% | 0.851 | 2.0% | 0.167 | 2.0% | 0.220 | 1.8% | 0.261 | 2.2% | 0.241 | 2.1% | 0.253 | ||||||||||
−1 | 1.5% | 0.057 | 1.2% | 0.092 | 0.9% | 0.297 | 1.9% | 0.252 | 2.5% | 0.104 | 2.3% | 0.125 | 1.7% | 0.296 | 1.4% | 0.379 | 3.1% | 0.105 | 3.4% | 0.061 | ||||||||||
−2 | 0.8% | 0.344 | 0.0% | 0.963 | 0.2% | 0.826 | 1.2% | 0.467 | 3.2% | 0.037 | * | 1.3% | 0.369 | 0.8% | 0.603 | 0.9% | 0.571 | 1.4% | 0.456 | 3.5% | 0.053 | |||||||||
−3 | 2.8% | 0.001 | *** | 1.0% | 0.176 | 1.0% | 0.223 | 6.4% | 0.000 | *** | 2.6% | 0.089 | 5.2% | 0.000 | *** | 3.9% | 0.016 | * | 3.7% | 0.019 | * | 8.3% | 0.000 | *** | 4.5% | 0.013 | * | |||
−4 | 1.3% | 0.120 | 0.2% | 0.837 | 0.5% | 0.516 | 3.5% | 0.036 | * | 1.1% | 0.487 | 2.1% | 0.157 | 1.2% | 0.471 | 1.5% | 0.351 | 4.1% | 0.032 | * | 1.7% | 0.350 | ||||||||
−5 | −0.8% | 0.313 | −0.3% | 0.724 | −0.8% | 0.313 | −1.4% | 0.413 | −1.8% | 0.241 | −1.4% | 0.349 | −0.5% | 0.738 | −1.2% | 0.447 | −2.4% | 0.208 | −2.6% | 0.157 | ||||||||||
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
Window | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | ||||||||||
[−5;5] | −7.8% | 0.000 | *** | −7.5% | 0.000 | *** | −2.3% | 0.006 | ** | −12.2% | 0.000 | *** | −5.4% | 0.001 | *** | −7.0% | 0.000 | *** | −5.5% | 0.001 | *** | −0.7% | 0.647 | −13.2% | 0.000 | *** | −5.6% | 0.002 | ** | |
[−4;4] | −5.5% | 0.000 | *** | −6.3% | 0.000 | *** | −1.2% | 0.157 | −6.9% | 0.000 | *** | −3.3% | 0.030 | * | −5.1% | 0.001 | *** | −5.1% | 0.002 | ** | −0.3% | 0.851 | −7.9% | 0.000 | *** | −3.7% | 0.042 | * | ||
[−3;3] | −7.8% | 0.000 | *** | −6.7% | 0.000 | *** | −1.5% | 0.067 | −13.1% | 0.000 | *** | −6.1% | 0.000 | *** | −10.2% | 0.000 | *** | −9.0% | 0.000 | *** | −3.7% | 0.018 | * | −15.9% | 0.000 | *** | −8.6% | 0.000 | *** | |
[−2;2] | −11.8% | 0.000 | *** | −7.1% | 0.000 | *** | −1.4% | 0.096 | −25.1% | 0.000 | *** | −10.6% | 0.000 | *** | −18.2% | 0.000 | *** | −14.3% | 0.000 | *** | −8.1% | 0.000 | *** | −30.5% | 0.000 | *** | −16.0% | 0.000 | *** | |
[−1;1] | −6.4% | 0.000 | *** | −3.3% | 0.000 | *** | 0.6% | 0.495 | −14.3% | 0.000 | *** | −6.9% | 0.000 | *** | −10.8% | 0.000 | *** | −8.8% | 0.000 | *** | −4.5% | 0.005 | ** | −17.2% | 0.000 | *** | −10.2% | 0.000 | *** | |
[0;5] | −13.3% | 0.000 | *** | −9.7% | 0.000 | *** | −4.0% | 0.000 | *** | −23.9% | 0.000 | *** | −12.9% | 0.000 | *** | −16.5% | 0.000 | *** | −12.6% | 0.000 | *** | −6.9% | 0.000 | *** | −27.7% | 0.000 | *** | −16.2% | 0.000 | *** |
[0;4] | −11.8% | 0.000 | *** | −8.7% | 0.000 | *** | −3.8% | 0.000 | *** | −20.0% | 0.000 | *** | −12.7% | 0.000 | *** | −16.0% | 0.000 | *** | −12.8% | 0.000 | *** | −7.7% | 0.000 | *** | −24.8% | 0.000 | *** | −16.9% | 0.000 | *** |
[0;3] | −12.8% | 0.000 | *** | −9.0% | 0.000 | *** | −3.6% | 0.000 | *** | −22.7% | 0.000 | *** | −14.4% | 0.000 | *** | −19.0% | 0.000 | *** | −15.5% | 0.000 | *** | −9.7% | 0.000 | *** | −28.7% | 0.000 | *** | −20.0% | 0.000 | *** |
[0;2] | −14.1% | 0.000 | *** | −8.4% | 0.000 | *** | −2.4% | 0.004 | ** | −28.2% | 0.000 | *** | −16.3% | 0.000 | *** | −21.8% | 0.000 | *** | −16.9% | 0.000 | *** | −10.4% | 0.000 | *** | −35.1% | 0.000 | *** | −22.9% | 0.000 | *** |
[0;1] | −7.9% | 0.000 | *** | −4.5% | 0.000 | *** | −0.3% | 0.719 | −16.2% | 0.000 | *** | −9.4% | 0.000 | *** | −13.1% | 0.000 | *** | −10.5% | 0.000 | *** | −5.8% | 0.000 | *** | −20.3% | 0.000 | *** | −13.6% | 0.000 | *** | |
[−5;0] | 5.7% | 0.000 | *** | 2.3% | 0.002 | ** | 1.7% | 0.038 | * | 12.0% | 0.000 | *** | 7.8% | 0.000 | *** | 11.6% | 0.000 | *** | 9.1% | 0.000 | *** | 8.0% | 0.000 | *** | 16.8% | 0.000 | *** | 12.7% | 0.000 | *** |
[−4;0] | 6.5% | 0.000 | *** | 2.6% | 0.001 | *** | 2.6% | 0.002 | ** | 13.4% | 0.000 | *** | 9.6% | 0.000 | *** | 13.0% | 0.000 | *** | 9.6% | 0.000 | *** | 9.2% | 0.000 | *** | 19.2% | 0.000 | *** | 15.2% | 0.000 | *** |
[−3;0] | 5.2% | 0.000 | *** | 2.4% | 0.001 | ** | 2.0% | 0.015 | * | 9.8% | 0.000 | *** | 8.6% | 0.000 | *** | 10.9% | 0.000 | *** | 8.5% | 0.000 | *** | 7.7% | 0.000 | *** | 15.0% | 0.000 | *** | 13.5% | 0.000 | *** |
[−2;0] | 2.5% | 0.002 | ** | 1.4% | 0.057 | 1.0% | 0.223 | 3.4% | 0.043 | * | 6.0% | 0.000 | *** | 5.6% | 0.000 | *** | 4.5% | 0.006 | ** | 4.0% | 0.011 | * | 6.8% | 0.000 | *** | 9.0% | 0.000 | *** | ||
[−1;0] | 1.7% | 0.035 | * | 1.4% | 0.063 | 0.8% | 0.317 | 2.2% | 0.193 | 2.8% | 0.070 | 4.3% | 0.004 | ** | 3.7% | 0.024 | * | 3.1% | 0.046 | * | 5.3% | 0.006 | ** | 5.5% | 0.003 | ** |
4.2 Results event 2—election in the UK (12 December 2019)
Benchmark: EURO STOXX 50 | Benchmark: FTSE 100 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
t | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ||||||||||
+5 | −1.2% | 0.043 | * | −1.3% | 0.003 | ** | −0.7% | 0.240 | −1.3% | 0.458 | −0.5% | 0.708 | −0.3% | 0.709 | −0.6% | 0.451 | 0.0% | 0.980 | −0.1% | 0.953 | 0.1% | 0.939 | ||||||||
+4 | −0.3% | 0.612 | −0.2% | 0.594 | −0.8% | 0.207 | 0.5% | 0.792 | −1.6% | 0.197 | −0.4% | 0.692 | −0.3% | 0.703 | −0.9% | 0.322 | 0.4% | 0.861 | −1.6% | 0.221 | ||||||||||
+3 | −0.3% | 0.658 | 0.5% | 0.255 | 1.0% | 0.109 | −2.9% | 0.091 | −0.2% | 0.869 | −0.5% | 0.607 | 0.3% | 0.703 | 0.8% | 0.375 | −3.3% | 0.109 | −0.3% | 0.792 | ||||||||||
+2 | 1.2% | 0.034 | * | 0.9% | 0.050 | * | 1.1% | 0.072 | 2.6% | 0.136 | −0.1% | 0.935 | 0.5% | 0.597 | 0.2% | 0.782 | 0.5% | 0.585 | 1.6% | 0.440 | −0.6% | 0.655 | ||||||||
+1 | 1.3% | 0.024 | * | −0.3% | 0.497 | −0.7% | 0.262 | 4.9% | 0.005 | ** | 5.4% | 0.000 | *** | 2.1% | 0.021 | * | 0.5% | 0.542 | −0.1% | 0.914 | 6.1% | 0.003 | ** | 6.1% | 0.000 | *** | ||||
0 | 0.1% | 0.806 | 0.1% | 0.797 | 0.3% | 0.576 | 0.6% | 0.735 | −1.1% | 0.357 | 0.6% | 0.495 | 0.6% | 0.478 | 0.7% | 0.427 | 1.3% | 0.519 | −0.8% | 0.565 | ||||||||||
−1 | −0.5% | 0.351 | −0.4% | 0.327 | 0.1% | 0.910 | −1.1% | 0.534 | −0.8% | 0.509 | −0.2% | 0.856 | −0.1% | 0.899 | 0.3% | 0.704 | −0.5% | 0.787 | −0.5% | 0.684 | ||||||||||
−2 | −0.9% | 0.128 | −0.7% | 0.140 | −0.6% | 0.345 | −1.4% | 0.412 | −1.3% | 0.300 | −0.6% | 0.539 | −0.4% | 0.630 | −0.3% | 0.715 | −1.0% | 0.624 | −1.1% | 0.421 | ||||||||||
−3 | 1.0% | 0.086 | 0.2% | 0.608 | 0.8% | 0.193 | 2.0% | 0.241 | 3.3% | 0.008 | ** | 0.4% | 0.640 | −0.3% | 0.735 | 0.3% | 0.694 | 1.3% | 0.537 | 2.9% | 0.030 | * | ||||||||
−4 | −0.4% | 0.438 | −0.3% | 0.564 | −0.1% | 0.898 | −0.6% | 0.746 | −1.9% | 0.128 | 0.6% | 0.541 | 0.7% | 0.410 | 0.8% | 0.362 | 0.9% | 0.664 | −1.2% | 0.372 | ||||||||||
−5 | 0.1% | 0.818 | 0.1% | 0.860 | −0.5% | 0.404 | 0.7% | 0.666 | 0.1% | 0.960 | −0.3% | 0.771 | −0.3% | 0.728 | −0.9% | 0.279 | 0.2% | 0.924 | −0.2% | 0.896 | ||||||||||
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
Window | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | ||||||||||
[−5;5] | 0.2% | 0.719 | −1.4% | 0.001 | ** | 0.0% | 0.935 | 4.0% | 0.022 | * | 1.3% | 0.288 | 2.1% | 0.026 | * | 0.3% | 0.710 | 1.2% | 0.180 | 6.7% | 0.001 | ** | 2.8% | 0.039 | * | |||||
[−4;4] | 1.2% | 0.031 | * | −0.2% | 0.711 | 1.2% | 0.055 | 4.5% | 0.010 | ** | 1.7% | 0.166 | 2.7% | 0.004 | ** | 1.2% | 0.141 | 2.1% | 0.015 | * | 6.7% | 0.001 | ** | 2.8% | 0.034 | * | ||||
[−3;3] | 2.0% | 0.001 | *** | 0.3% | 0.460 | 2.0% | 0.001 | ** | 4.6% | 0.008 | ** | 5.2% | 0.000 | *** | 2.5% | 0.008 | ** | 0.8% | 0.303 | 2.2% | 0.012 | * | 5.4% | 0.008 | ** | 5.6% | 0.000 | *** | ||
[−2;2] | 1.2% | 0.031 | * | −0.4% | 0.362 | 0.3% | 0.681 | 5.5% | 0.002 | ** | 2.1% | 0.090 | 2.5% | 0.007 | ** | 0.8% | 0.324 | 1.1% | 0.213 | 7.4% | 0.000 | *** | 3.1% | 0.020 | * | |||||
[−1;1] | 0.9% | 0.116 | −0.6% | 0.162 | −0.3% | 0.653 | 4.4% | 0.012 | * | 3.5% | 0.005 | ** | 2.6% | 0.005 | ** | 0.9% | 0.234 | 0.9% | 0.287 | 6.9% | 0.001 | *** | 4.8% | 0.000 | *** | |||||
[0;5] | 0.9% | 0.101 | −0.4% | 0.386 | 0.3% | 0.682 | 4.3% | 0.014 | * | 1.9% | 0.118 | 2.1% | 0.026 | * | 0.7% | 0.400 | 1.0% | 0.269 | 6.0% | 0.004 | ** | 2.8% | 0.034 | * | ||||||
[0;4] | 2.1% | 0.000 | *** | 1.0% | 0.032 | * | 1.0% | 0.114 | 5.6% | 0.002 | ** | 2.4% | 0.053 | 2.4% | 0.009 | ** | 1.3% | 0.111 | 1.0% | 0.259 | 6.1% | 0.003 | ** | 2.7% | 0.041 | * | ||||
[0;3] | 2.4% | 0.000 | *** | 1.2% | 0.008 | ** | 1.7% | 0.005 | ** | 5.1% | 0.004 | ** | 4.0% | 0.001 | ** | 2.8% | 0.003 | ** | 1.6% | 0.049 | * | 1.9% | 0.035 | * | 5.7% | 0.005 | ** | 4.3% | 0.001 | ** |
[0;2] | 2.6% | 0.000 | *** | 0.7% | 0.123 | 0.8% | 0.214 | 8.1% | 0.000 | *** | 4.2% | 0.001 | *** | 3.2% | 0.000 | *** | 1.3% | 0.111 | 1.1% | 0.218 | 9.0% | 0.000 | *** | 4.7% | 0.000 | *** | ||||
[0;1] | 1.4% | 0.013 | * | −0.2% | 0.673 | −0.3% | 0.573 | 5.5% | 0.002 | ** | 4.3% | 0.001 | *** | 2.8% | 0.003 | ** | 1.1% | 0.188 | 0.6% | 0.492 | 7.4% | 0.000 | *** | 5.3% | 0.000 | *** | ||||
[−5;0] | −0.6% | 0.299 | −0.9% | 0.037 | * | 0.0% | 0.946 | 0.3% | 0.860 | −1.8% | 0.154 | 0.6% | 0.500 | 0.2% | 0.811 | 0.9% | 0.303 | 2.1% | 0.303 | −0.8% | 0.529 | |||||||||
[−4;0] | −0.7% | 0.205 | −1.0% | 0.024 | * | 0.6% | 0.367 | −0.4% | 0.799 | −1.8% | 0.140 | 0.9% | 0.335 | 0.5% | 0.557 | 1.9% | 0.035 | * | 1.9% | 0.350 | −0.7% | 0.618 | ||||||||
[−3;0] | −0.3% | 0.621 | −0.7% | 0.092 | 0.6% | 0.304 | 0.1% | 0.945 | 0.1% | 0.962 | 0.3% | 0.724 | −0.2% | 0.812 | 1.1% | 0.230 | 1.0% | 0.617 | 0.5% | 0.694 | ||||||||||
[−2;0] | −1.3% | 0.027 | * | −1.0% | 0.028 | * | −0.2% | 0.785 | −1.9% | 0.270 | −3.2% | 0.009 | ** | −0.1% | 0.909 | 0.1% | 0.919 | 0.7% | 0.418 | −0.2% | 0.907 | −2.4% | 0.075 | |||||||
[−1;0] | −0.4% | 0.491 | −0.3% | 0.469 | 0.4% | 0.502 | −0.5% | 0.777 | −1.9% | 0.114 | 0.5% | 0.617 | 0.5% | 0.560 | 1.0% | 0.241 | 0.8% | 0.708 | −1.3% | 0.326 |
4.3 Results event 3—withdrawal of the UK from the EU (31 January 2020)
Benchmark: EURO STOXX 50 | Benchmark: FTSE 100 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
t | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ||||||||||
+5 | 0.8% | 0.211 | 0.3% | 0.534 | 0.6% | 0.306 | 2.6% | 0.132 | −0.6% | 0.635 | 0.5% | 0.584 | 0.1% | 0.921 | 0.4% | 0.646 | 2.2% | 0.265 | −0.8% | 0.568 | ||||||||||
+4 | 0.4% | 0.454 | 0.7% | 0.133 | 0.1% | 0.884 | −0.2% | 0.929 | 0.8% | 0.506 | 1.0% | 0.285 | 1.2% | 0.121 | 0.5% | 0.530 | 0.6% | 0.782 | 1.2% | 0.370 | ||||||||||
+3 | 0.2% | 0.783 | 0.6% | 0.203 | 0.6% | 0.313 | −0.7% | 0.693 | −1.3% | 0.283 | 1.0% | 0.268 | 1.4% | 0.067 | 1.3% | 0.123 | 0.4% | 0.846 | −0.7% | 0.577 | ||||||||||
+2 | −0.5% | 0.414 | −0.4% | 0.351 | −0.9% | 0.155 | −0.3% | 0.866 | −0.5% | 0.714 | 1.1% | 0.232 | 1.0% | 0.201 | 0.5% | 0.552 | 1.9% | 0.329 | 0.6% | 0.638 | ||||||||||
+1 | −0.4% | 0.509 | 0.0% | 0.953 | 0.9% | 0.134 | −2.2% | 0.197 | −0.7% | 0.585 | 0.2% | 0.841 | 0.4% | 0.576 | 1.4% | 0.088 | −1.3% | 0.526 | −0.3% | 0.817 | ||||||||||
0 | 0.2% | 0.722 | 0.1% | 0.852 | 0.0% | 0.955 | 0.3% | 0.860 | 1.0% | 0.428 | −0.9% | 0.325 | −1.0% | 0.214 | −0.9% | 0.288 | −1.2% | 0.559 | 0.2% | 0.873 | ||||||||||
−1 | 0.3% | 0.568 | 0.0% | 0.926 | −0.3% | 0.643 | 1.7% | 0.321 | 0.5% | 0.676 | −0.8% | 0.376 | −1.1% | 0.167 | −1.3% | 0.131 | 0.1% | 0.978 | −0.3% | 0.845 | ||||||||||
−2 | −0.1% | 0.865 | 0.1% | 0.905 | −0.1% | 0.871 | −0.8% | 0.662 | 0.4% | 0.723 | 0.1% | 0.875 | 0.3% | 0.685 | 0.1% | 0.911 | −0.5% | 0.805 | 0.6% | 0.640 | ||||||||||
−3 | 0.3% | 0.664 | 0.4% | 0.364 | 0.6% | 0.357 | 0.5% | 0.769 | −1.8% | 0.142 | 1.4% | 0.111 | 1.4% | 0.073 | 1.7% | 0.052 | 2.5% | 0.216 | −1.1% | 0.424 | ||||||||||
−4 | 0.0% | 0.965 | 0.1% | 0.788 | −0.2% | 0.768 | −1.1% | 0.515 | 1.7% | 0.159 | −2.6% | 0.005 | ** | −2.2% | 0.006 | ** | −2.5% | 0.004 | ** | −5.0% | 0.013 | * | 0.0% | 0.988 | ||||||
−5 | 0.1% | 0.878 | −0.2% | 0.708 | 0.0% | 0.939 | 1.4% | 0.425 | −1.2% | 0.339 | 1.1% | 0.217 | 0.7% | 0.361 | 1.0% | 0.253 | 3.0% | 0.136 | −0.5% | 0.704 | ||||||||||
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
Window | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | ||||||||||
[−5;5] | 1.3% | 0.037 | * | 1.6% | 0.001 | *** | 1.4% | 0.018 | * | 1.3% | 0.459 | −1.6% | 0.211 | 2.2% | 0.018 | * | 2.4% | 0.002 | ** | 2.3% | 0.008 | ** | 2.7% | 0.173 | −1.0% | 0.467 | ||||
[−4;4] | 0.4% | 0.488 | 1.5% | 0.002 | ** | 0.8% | 0.198 | −2.7% | 0.117 | 0.2% | 0.857 | 0.5% | 0.552 | 1.6% | 0.041 | * | 0.9% | 0.287 | −2.5% | 0.214 | 0.3% | 0.823 | ||||||||
[−3;3] | 0.0% | 0.991 | 0.7% | 0.161 | 0.9% | 0.151 | −1.4% | 0.407 | −2.3% | 0.059 | 2.2% | 0.018 | * | 2.6% | 0.001 | ** | 2.8% | 0.001 | *** | 1.9% | 0.330 | −0.9% | 0.492 | |||||||
[−2;2] | −0.4% | 0.471 | −0.4% | 0.436 | −0.3% | 0.623 | −1.3% | 0.466 | 0.8% | 0.514 | −0.3% | 0.752 | −0.3% | 0.703 | −0.1% | 0.871 | −0.9% | 0.645 | 0.9% | 0.503 | ||||||||||
[−1;1] | 0.2% | 0.790 | 0.0% | 0.972 | 0.7% | 0.273 | −0.2% | 0.902 | 0.8% | 0.506 | −1.5% | 0.096 | −1.6% | 0.039 | * | −0.7% | 0.385 | −2.4% | 0.234 | −0.4% | 0.790 | |||||||||
[0;5] | 0.7% | 0.249 | 1.2% | 0.010 | ** | 1.4% | 0.021 | * | −0.4% | 0.797 | −1.2% | 0.316 | 2.9% | 0.002 | ** | 3.2% | 0.000 | *** | 3.3% | 0.000 | *** | 2.7% | 0.179 | 0.2% | 0.869 | |||||
[0;4] | −0.1% | 0.922 | 0.9% | 0.049 | * | 0.8% | 0.198 | −3.1% | 0.078 | −0.7% | 0.597 | 2.4% | 0.010 | * | 3.1% | 0.000 | *** | 2.9% | 0.001 | *** | 0.5% | 0.818 | 1.0% | 0.462 | ||||||
[0;3] | −0.5% | 0.398 | 0.2% | 0.640 | 0.7% | 0.253 | −2.9% | 0.094 | −1.5% | 0.233 | 1.4% | 0.129 | 1.9% | 0.016 | * | 2.4% | 0.006 | ** | −0.1% | 0.962 | −0.2% | 0.873 | ||||||||
[0;2] | −0.7% | 0.263 | −0.4% | 0.420 | 0.1% | 0.893 | −2.2% | 0.200 | −0.1% | 0.905 | 0.4% | 0.680 | 0.5% | 0.551 | 1.1% | 0.215 | −0.5% | 0.809 | 0.5% | 0.690 | ||||||||||
[0;1] | −0.2% | 0.760 | 0.1% | 0.899 | 0.9% | 0.120 | −1.9% | 0.265 | 0.3% | 0.805 | −0.7% | 0.434 | −0.5% | 0.493 | 0.5% | 0.519 | −2.4% | 0.224 | −0.1% | 0.943 | ||||||||||
[−5;0] | 0.8% | 0.194 | 0.5% | 0.310 | 0.1% | 0.894 | 2.0% | 0.241 | 0.7% | 0.586 | −1.6% | 0.082 | −1.8% | 0.024 | * | −1.9% | 0.024 | * | −1.1% | 0.572 | −1.0% | 0.464 | ||||||||
[−4;0] | 0.7% | 0.252 | 0.7% | 0.165 | 0.0% | 0.955 | 0.6% | 0.708 | 1.9% | 0.134 | −2.7% | 0.003 | ** | −2.5% | 0.002 | ** | −2.9% | 0.001 | *** | −4.1% | 0.040 | * | −0.5% | 0.724 | ||||||
[−3;0] | 0.7% | 0.234 | 0.5% | 0.262 | 0.2% | 0.725 | 1.8% | 0.306 | 0.1% | 0.926 | −0.1% | 0.907 | −0.3% | 0.672 | −0.4% | 0.605 | 0.9% | 0.662 | −0.5% | 0.713 | ||||||||||
[−2;0] | 0.5% | 0.449 | 0.1% | 0.831 | −0.3% | 0.569 | 1.3% | 0.464 | 1.9% | 0.118 | −1.6% | 0.088 | −1.7% | 0.027 | * | −2.1% | 0.014 | * | −1.6% | 0.422 | 0.6% | 0.666 | ||||||||
[−1;0] | 0.6% | 0.354 | 0.0% | 0.925 | −0.2% | 0.684 | 2.0% | 0.243 | 1.5% | 0.226 | −1.7% | 0.062 | −2.1% | 0.009 | ** | −2.2% | 0.010 | * | −1.1% | 0.578 | 0.0% | 0.972 |
4.4 Results event 4—last minute Brexit deal (24 December 2020)
Benchmark: EURO STOXX 50 | Benchmark: FTSE 100 | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
t | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ARit | p‑value | ||||||||||
+5 | −0.1% | 0.960 | −0.5% | 0.686 | −0.1% | 0.921 | 1.2% | 0.575 | 0.0% | 0.978 | −1.0% | 0.694 | −1.4% | 0.568 | −0.9% | 0.743 | 0.1% | 0.969 | −1.0% | 0.668 | ||||||||||
+4 | −0.6% | 0.591 | −0.8% | 0.470 | −0.6% | 0.683 | −0.4% | 0.842 | 0.5% | 0.758 | −0.4% | 0.862 | −0.7% | 0.778 | −0.6% | 0.839 | −0.3% | 0.941 | 0.9% | 0.705 | ||||||||||
+3 | 0.4% | 0.748 | 0.1% | 0.905 | −0.3% | 0.845 | 1.1% | 0.606 | 1.0% | 0.556 | 0.2% | 0.920 | 0.0% | 0.984 | −0.5% | 0.868 | 1.0% | 0.774 | 1.1% | 0.647 | ||||||||||
+2 | −1.0% | 0.346 | −0.4% | 0.708 | −0.3% | 0.834 | −3.4% | 0.124 | −1.0% | 0.567 | −1.2% | 0.622 | −0.6% | 0.790 | −0.3% | 0.912 | −3.6% | 0.301 | −1.4% | 0.548 | ||||||||||
+1 | 0.9% | 0.421 | 0.1% | 0.958 | 0.0% | 0.976 | 3.6% | 0.101 | 1.7% | 0.336 | 2.0% | 0.423 | 1.1% | 0.647 | 1.2% | 0.679 | 4.9% | 0.155 | 2.5% | 0.289 | ||||||||||
0 | 1.1% | 0.303 | 0.9% | 0.440 | 0.3% | 0.811 | 2.5% | 0.250 | 1.0% | 0.575 | 2.3% | 0.358 | 2.0% | 0.410 | 1.7% | 0.555 | 3.9% | 0.259 | 1.7% | 0.464 | ||||||||||
−1 | −0.3% | 0.795 | −0.5% | 0.639 | −0.5% | 0.747 | 0.4% | 0.866 | 0.3% | 0.864 | 1.1% | 0.651 | 0.8% | 0.747 | 1.1% | 0.687 | 2.1% | 0.550 | 1.2% | 0.600 | ||||||||||
−2 | −1.1% | 0.318 | −1.0% | 0.407 | −0.4% | 0.766 | −1.7% | 0.438 | −1.8% | 0.321 | −3.7% | 0.138 | −3.4% | 0.159 | −3.4% | 0.227 | −4.8% | 0.164 | −3.4% | 0.150 | ||||||||||
−3 | −0.5% | 0.653 | 0.0% | 0.999 | −1.1% | 0.454 | −1.4% | 0.534 | −0.7% | 0.680 | −0.9% | 0.729 | −0.3% | 0.887 | −1.5% | 0.596 | −1.8% | 0.602 | −1.0% | 0.683 | ||||||||||
−4 | 0.2% | 0.887 | 0.2% | 0.856 | −0.4% | 0.773 | 0.5% | 0.833 | 0.2% | 0.932 | 0.8% | 0.748 | 0.8% | 0.732 | 0.3% | 0.929 | 1.2% | 0.722 | 0.7% | 0.779 | ||||||||||
−5 | 0.9% | 0.389 | 0.7% | 0.532 | 1.2% | 0.392 | 0.2% | 0.922 | 3.0% | 0.087 | 1.4% | 0.571 | 1.2% | 0.631 | 1.8% | 0.517 | 0.8% | 0.822 | 3.2% | 0.169 | ||||||||||
Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | Insurance Index | Sub-Index 1 | Sub-Index 2 | Sub-Index 3 | Sub-Index 4 | |||||||||||||||||||||
Window | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | CARit | p‑value | ||||||||||
[−5;5] | −0.1% | 0.935 | −1.2% | 0.295 | −2.1% | 0.133 | 2.6% | 0.226 | 4.2% | 0.018 | * | 0.7% | 0.788 | −0.5% | 0.823 | −1.1% | 0.687 | 3.6% | 0.301 | 4.5% | 0.054 | |||||||||
[−4;4] | −1.0% | 0.372 | −1.5% | 0.205 | −3.2% | 0.024 | * | 1.2% | 0.581 | 1.2% | 0.486 | 0.2% | 0.924 | −0.3% | 0.894 | −2.0% | 0.470 | 2.6% | 0.441 | 2.3% | 0.326 | |||||||||
[−3;3] | −0.5% | 0.619 | −0.9% | 0.467 | −2.2% | 0.118 | 1.2% | 0.588 | 0.5% | 0.761 | −0.1% | 0.958 | −0.5% | 0.846 | −1.7% | 0.543 | 1.7% | 0.625 | 0.8% | 0.746 | ||||||||||
[−2;2] | −0.4% | 0.712 | −1.0% | 0.397 | −0.9% | 0.535 | 1.4% | 0.518 | 0.2% | 0.898 | 0.5% | 0.846 | −0.2% | 0.942 | 0.2% | 0.930 | 2.5% | 0.470 | 0.6% | 0.783 | ||||||||||
[−1;1] | 1.7% | 0.116 | 0.4% | 0.721 | −0.2% | 0.910 | 6.4% | 0.003 | ** | 3.0% | 0.091 | 5.3% | 0.031 | * | 3.8% | 0.109 | 4.0% | 0.160 | 10.8% | 0.002 | ** | 5.4% | 0.021 | * | ||||||
[0;5] | 0.7% | 0.532 | −0.7% | 0.577 | −1.0% | 0.482 | 4.6% | 0.034 | * | 3.2% | 0.070 | 1.9% | 0.448 | 0.4% | 0.853 | 0.6% | 0.844 | 6.1% | 0.077 | 3.7% | 0.110 | |||||||||
[0;4] | 0.7% | 0.500 | −0.2% | 0.878 | −0.9% | 0.546 | 3.4% | 0.117 | 3.3% | 0.066 | 2.8% | 0.249 | 1.8% | 0.449 | 1.5% | 0.600 | 6.0% | 0.084 | 4.7% | 0.043 | * | |||||||||
[0;3] | 1.3% | 0.226 | 0.7% | 0.569 | −0.3% | 0.845 | 3.9% | 0.078 | 2.7% | 0.125 | 3.3% | 0.185 | 2.5% | 0.300 | 2.1% | 0.467 | 6.2% | 0.072 | 3.9% | 0.100 | ||||||||||
[0;2] | 1.0% | 0.373 | 0.5% | 0.652 | 0.0% | 1.000 | 2.7% | 0.210 | 1.7% | 0.343 | 3.0% | 0.221 | 2.4% | 0.309 | 2.5% | 0.372 | 5.2% | 0.130 | 2.8% | 0.233 | ||||||||||
[0;1] | 2.0% | 0.067 | 1.0% | 0.409 | 0.3% | 0.834 | 6.1% | 0.006 | ** | 2.7% | 0.129 | 4.2% | 0.086 | 3.1% | 0.200 | 2.8% | 0.316 | 8.8% | 0.011 | * | 4.2% | 0.074 | ||||||||
[-5;0] | 0.4% | 0.746 | 0.3% | 0.778 | −0.8% | 0.574 | 0.5% | 0.818 | 2.0% | 0.261 | 1.1% | 0.668 | 1.0% | 0.678 | 0.0% | 0.993 | 1.3% | 0.695 | 2.5% | 0.287 | ||||||||||
[−4;0] | −0.6% | 0.590 | −0.4% | 0.731 | −2.0% | 0.157 | 0.3% | 0.895 | −1.0% | 0.556 | −0.3% | 0.890 | −0.2% | 0.948 | −1.9% | 0.512 | 0.6% | 0.867 | −0.7% | 0.754 | ||||||||||
[−3;0] | −0.7% | 0.497 | −0.6% | 0.600 | −1.6% | 0.259 | −0.2% | 0.938 | −1.2% | 0.500 | −1.1% | 0.646 | −1.0% | 0.684 | −2.1% | 0.456 | −0.6% | 0.851 | −1.4% | 0.553 | ||||||||||
[−2;0] | −0.3% | 0.818 | −0.6% | 0.599 | −0.5% | 0.703 | 1.2% | 0.587 | −0.5% | 0.794 | −0.3% | 0.910 | −0.6% | 0.791 | −0.6% | 0.829 | 1.1% | 0.739 | −0.4% | 0.854 | ||||||||||
[−1;0] | 0.8% | 0.442 | 0.4% | 0.761 | −0.1% | 0.934 | 2.9% | 0.188 | 1.3% | 0.465 | 3.4% | 0.171 | 2.7% | 0.252 | 2.8% | 0.321 | 5.9% | 0.085 | 2.9% | 0.209 |
5 Conclusion
5.1 Research questions and hypotheses
-
Q1: Do Brexit news lead to daily or cumulative abnormal returns for European insurance companies represented by the Insurance Index?
-
H0Q1: Daily and cumulative abnormal return of the Insurance Index on a given day/in a defined window is equal to zero.
-
HAQ1: Daily and cumulative abnormal return of the Insurance Index on a given day/in a defined window is not equal to zero.
-
Event | Number of significant ARit | Thereof significant at 5% (*) | Thereof significant at 1% (**) | Thereof significant at 0.1% (***) | Number of significant CARit | Thereof significant at 5% (*) | Thereof significant at 1% (**) | Thereof significant at 0.1% (***) |
---|---|---|---|---|---|---|---|---|
Brexit Referendum | 7 | 1 | 6 | 30 | 1 | 2 | 27 | |
General UK Election | 4 | 4 | 18 | 6 | 7 | 5 | ||
UK leaves EU | 1 | 1 | 6 | 4 | 2 | |||
Last Minute Brexit Deal | 1 | 1 |
-
Q2: Are the abnormal returns dependent on the domicile (EU or UK) of the insurance companies?
-
Q3: Are the abnormal returns related to the proportion of insurance business written in the UK?
-
H0Q2, Q3: Daily and cumulative abnormal return of each Sub-Index on a given day/in a defined window is equal to zero.
-
HAQ2, Q3: Daily and cumulative abnormal return of each Sub-Index on a given day/in a defined window is not equal to zero.
-
Event | Number of significant ARit | Thereof significant at 5% (*) | Thereof significant at 1% (**) | Thereof significant at 0.1% (***) | Number of significant CARit | Thereof significant at 5% (*) | Thereof significant at 1% (**) | Thereof significant at 0.1% (***) |
---|---|---|---|---|---|---|---|---|
Sub-Index 1: Based in the EU and less than 20% insurance business written in the UK | ||||||||
Brexit Referendum | 5 | 1 | 4 | 28 | 1 | 4 | 23 | |
General UK Election | 2 | 1 | 1 | 7 | 5 | 2 | ||
UK leaves EU | 1 | 1 | 15 | 6 | 6 | 3 | ||
Last Minute Brexit Deal | – | |||||||
Sub-Index 2: Based in the EU and more than 20% insurance business written in the UK | ||||||||
Brexit Referendum | 4 | 2 | 1 | 1 | 21 | 5 | 4 | 12 |
General UK Election | 6 | 4 | 2 | |||||
UK leaves EU | 1 | 1 | 11 | 5 | 2 | 4 | ||
Last Minute Brexit Deal | 1 | 1 | ||||||
Sub-Index 3: Based in the UK and less than 50% insurance business written in the UK | ||||||||
Brexit Referendum | 12 | 4 | 2 | 6 | 29 | 1 | 1 | 27 |
General UK Election | 2 | 2 | 20 | 3 | 12 | 5 | ||
UK leaves EU | 1 | 1 | 1 | 1 | ||||
Last Minute Brexit Deal | 5 | 2 | 3 | |||||
Sub-Index 4: Based in the UK and more than 50% insurance business written in the UK | ||||||||
Brexit Referendum | 6 | 2 | 4 | 29 | 2 | 2 | 25 | |
General UK Election | 4 | 1 | 1 | 2 | 16 | 5 | 4 | 7 |
UK leaves EU | – | |||||||
Last Minute Brexit Deal | 3 | 3 |