Study on the Dynamic Impact Effect of Unconventional Emergencies on Stock and Bond Markets

Xiaolin LI, Shiming LI, Chenggang LI


The research of the impact of unconventional emergency on the stock market and bond market is one of the important concern of academia. This paper uses the VAR model to do the empirical analysis on the dynamic impact effect of unconventional emergencies on Chinese stock market, Treasury bond market and enterprise bond market. The empirical results show that it had a significant impact on the stock market, Treasury bond market and enterprise bond market when unconventional emergencies happened. On this basis, this paper constructs the impulse response functions of the impact of unconventional emergency on the stock market, Treasury bond market and enterprise bond market. Impulse response function display that the impact of unconventional emergencies on the stock market, treasury bond market and enterprise bond market is a dynamic process.


Unconventional emergencies; Stock market; Bond market; VAR model; Impulse response function

Full Text:



Brounen, D., Derwall, J. (2010). The impact of terrorist attacks on international stock markets. European Financial Management, 16(4), 585-598.

Cashell, B. W., Labonte W. (2005). The macroeconomic effects of hurricane katrina. Report for Congress with order code RS22260, Received through the CRS Web.

Carter, D. A., Simkins B. J. (2004). The market’s reaction to unexpected, catastrophic events: The case of airline stock returns and the september 11th attack. The Quarterly Review of Economics and Finance, 44(4), 539-558.

Festl, R., Utz, S., & Wimmer, M. (2012). The effect of the Japan 2011 disaster on nuclear and alternative energy stocks worldwide: An Event Study. BuR Business Research Journal, 5(1), 25-41.

He, Qiang, Ma, Ji, & Zhang, Yi (2011). The analysis of the influence of Japanese earthquake on the international financial market. International Financing, (5), 34-36.

Kaplanski G., Levy H. (2010). Sentiment and stock prices: The case of aviation disasters. Journal of Financial Economics, 95(2), 174-201.

Liu, Qingfu, Zhou, Chengyuan, & Zhang, Wanning (2011). Earthquake disaster impact effect on China’s stock market. Research on Financial and Economics Issues, (4), 62-67.

Ma Ji (2011). Impact analysis of the Japan’s fukushima earthquake on economic and financial. Statistical and Consulting, (2), 34-35.

Shan Liwei (2011). Psychological or real? The effect of the Wenchuan earthquake’s on China’s stock market. Economic Research, (4), 121-134.

Straetmans, S. T. M., Verschoor, W. F. C., & Wolff C. C. P. (2008). Extreme US stock market fluctuations in the wake of 9/11. Journal of Applied Econometrics, 23(1), 17-42.

Wu Qifang (2003). Empirical study on impact of SARS epidemic on the equity funds in China. Management Review, 15(5), 8-11.

Xu, Chenghong, Feng, Yao, & Fan, Gangzhi (2010). The shock of “Wenchuan” earthquake to real estate market and policy research. Statistical Study, 27(4), 71-78.

Zhang, Xun, Yu, Lean, Li, Jianqiang, & Wang, Shouyang (2009). Estimating the effects of extreme events to crude oil prices. Systems Engineering Theory and Practice, 29(3), 10-15.



  • There are currently no refbacks.

Copyright (c)

Share us to:   


  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

1. Register yourself in Journal B as an Author

  • Find the journal you want to submit to in CATEGORIES, click on “VIEW JOURNAL”, “Online Submissions”, “GO TO LOGIN” and “Edit My Profile”. Check “Author” on the “Edit Profile” page, then “Save”.

2. Submission

  • Go to “User Home”, and click on “Author” under the name of Journal B. You may start a New Submission by clicking on “CLICK HERE”.

We only use three mailboxes as follows to deal with issues about paper acceptance, payment and submission of electronic versions of our journals to databases:;;

 Articles published in Management Science and Engineering are licensed under Creative Commons Attribution 4.0 (CC-BY).


Address:1055 Rue Lucien-L'Allier, Unit #772, Montreal, QC H3G 3C4, Canada.

Telephone: 1-514-558 6138
Http:// Http://

Copyright © 2010 Canadian Research & Development Centre of Sciences and Cultures