Table 2.

Asset-wise average cumulative abnormal returns.

Financial assets	Iraq war	Libya war	Russia-Ukraine conflict
Shanghai Composite Index	0.691 (1.890)	0.024 (0.121)	0.278 (1.158)
S&P 500 index	−0.415*** (−4.056)	−0.983*** (−4.897)	0.734** (2.721)
WTI oil price	−8.816** (−3.639)	1.832** (3.180)	−2.135* (−2.039)
LBMA gold price	−2.169** (−3.536)	2.239** (4.783)	1.412** (2.727)

Notes: This table displays the average cumulative abnormal returns of selected financial assets at the outbreak of each selected war. The parentheses are the t-values. The asterisks *, **, and *** denote significance at 10 %, 5 % and 1 % significance levels, respectively. A significant average abnormal return indicates an unstable performance of the financial asset at the outbreak of war.