Graduation Year


Date of Submission


Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Julio Garín

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This paper will analyze the impacts of geographical proximity to war on equity returns across sectors. Understanding the impacts of war on different sectors is crucial for portfolio management, and increased awareness about this topic can lead to better investment decisions. By using standard econometric techniques to capture the effects of distance on equity returns for different sectors, we find that in the case of the war in Ukraine, geographical proximity to conflict has the largest impact on the healthcare and technology sectors. We observe that across all countries, the healthcare sector performed 0.215 times worse, and the technology sector performed 0.315 times worse, relative to the benchmark.