A Geopolitical Shock, Oil Exposure, and Heterogeneous Equity-Market Responses: Firm-Level Evidence from Saudi Arabia
We study the firm-level equity-market response of 230 Tadawul Main Market firms to the outbreak of the U.S.–Israeli military action against Iran on 28 February 2026, using a market-model event study with the domestic TASI benchmark. Because a single geopolitical shock combines a market-wide risk-premium effect with an...