Template-type: ReDIF-Paper 1.0
Author-Name: Thomas Nitschka
Author-Name-First: Thomas
Author-Name-Last: Nitschka
Author-Person: pni214
Title: Evidence on the international financial spillovers of the New York Bankers' Panic of 1907
Abstract: Using a unique dataset of daily returns on all Swiss stocks traded on the Zurich exchange, I use event study methods to show that the New York Bankers' Panic of 1907 affected foreign stock markets earlier than previous studies of the international spillovers of this crisis suggest. Moreover, the spillovers were confined to banks' stocks and did not significantly influence returns on Swiss firms' stocks from other sectors. Key events, such as the news about the bankruptcy of the Knickerbocker Trust or announcements of the Bank of England, coincided with significant abnormal daily returns on Swiss banks' stocks.

Length: 38 pages
Creation-Date: 2024
Contact-Email: forschung@snb.ch
File-URL: https://www.snb.ch/en/publications/research/working-papers/2024/working_paper_2024_07
File-Format: text/html
Number: 2024-07
Classification-JEL: G15, G21, N20
Keywords: Banks, Crisis, International spillover, Panic of 1907, Stocks
Handle: RePEc:snb:snbwpa:2024-07