... economic ties to Russia. Methodology Adopting an event study methodology on a sample of 370 defense and aerospace firms’ daily returns from 17 countries during a 7-day event window, average abnormal returns ( AAR ) and cumulative AAR ( CAAR ) were computed and analyzed using a combination of robust...

...–short strategy based on G-scores. Ou and Penman (1989) demonstrate that certain financial ratios can be useful in predicting future changes in earnings. Abarbanell and Bushee (1997) show that an investment strategy based on financial signals earn significant abnormal returns. Lev and Thiagarajan...