Airline stock market reaction to CrowdStrike IT outage: An event study analysis

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-03-03 DOI:10.1016/j.frl.2025.107145

João Costa , Susana Cró , Nuno Moutinho , António Miguel Martins

引用次数: 0

Abstract

This study investigates the short-term market effect of CrowdStrike IT outage in the airline industry. Using an event study methodology, we evidence that airline stocks respond significantly negatively to the technology disruption within two days before and after the event day. IT disruptions, by creating friction in daily operations, such as broken schedules, delayed or cancelled flights, negative externalities, and customer dissatisfaction, lead to loss of value for airlines. The results also show that the most affected airlines are those from main CrowdStrike customers countries (mainly non-Asian countries) and an irrelevance of the business model. Finally, the extent of the stock market's response to the CrowdStrike IT outage is influenced by other airline characteristics such as profitability, size, leverage, and cyber risk rating.

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航空公司股票市场对CrowdStrike IT中断的反应：一个事件研究分析

本研究探讨了 CrowdStrike IT 中断对航空业的短期市场影响。利用事件研究方法，我们证明航空公司股票在事件日前后两天内对技术中断做出了显著的负面反应。信息技术中断会给日常运营带来摩擦，如航班时刻表中断、航班延误或取消、负面外部效应和客户不满，从而导致航空公司的价值损失。研究结果还表明，受影响最大的航空公司来自 CrowdStrike 的主要客户国家（主要是非亚洲国家），而且商业模式与之无关。最后，股票市场对 CrowdStrike IT 故障的反应程度受到其他航空公司特征的影响，如盈利能力、规模、杠杆率和网络风险评级。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance