Researcher ORCID Identifier


Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Benjamin Gillen

Rights Information

2024 Jacob T Fenton


This paper investigates the dynamics between mass shootings in the United States and the stock market returns of firearms companies from the start of 2015 until March 2024. Through an event study methodology, the study examines the relationship between casualties, media coverage, and the cumulative abnormal returns of firearms companies individually and in different indexed forms. Unlike previous work that examined effects in isolation, this analysis looks at the interconnection between all three attributes. The findings suggest a non-uniform market reaction to mass shootings, eluding the ability to create simple return predictions based on deaths or media coverage. Despite previous findings, this study found no consistent pattern in stock market returns of companies in the industry such as Smith and Weston (SWBI), Ruger (RGR), Vista Outdoors (VSTO), Taurus (TASA3), or Colt (CZG). This paper adds to the scholarship in the area through updated data and the connection of different characteristics and effects on firearms returns that have previously not been studied in tandem.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.