Publication
Airline stock market reaction to CrowdStrike IT outage: an event study analysis
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | |
| datacite.subject.sdg | 09:Indústria, Inovação e Infraestruturas | |
| datacite.subject.sdg | 08:Trabalho Digno e Crescimento Económico | |
| dc.contributor.author | Costa, João | |
| dc.contributor.author | Cró, Susana | |
| dc.contributor.author | Moutinho, Nuno | |
| dc.contributor.author | Martins, António Miguel | |
| dc.date.accessioned | 2025-06-27T09:35:12Z | |
| dc.date.available | 2025-06-27T09:35:12Z | |
| dc.date.issued | 2025 | |
| dc.description.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. | eng |
| dc.description.sponsorship | This paper is financed by Portuguese national funds through FCT – Fundação para a Ciência e a Tecnologia, I.P., projects numbers UIDB/00685/2020 & UID00685 CEEAplA | University of Madeira, UIDB/04007/2020 (Susana Cró) and UNIAG, UIDB/04752/2020 and UIDP/04752/2020 (Nuno Moutinho). | |
| dc.identifier.citation | Costa, João; Cró, Susana; Moutinho, Nuno; Martins, António Miguel (2025). Airline stock market reaction to CrowdStrike IT outage: An event study analysis. Finance Research Letters. ISSN 1544-6123. 77, p. 2-9 | |
| dc.identifier.doi | 10.1016/j.frl.2025.107145 | |
| dc.identifier.issn | 1544-6123 | |
| dc.identifier.uri | http://hdl.handle.net/10198/34627 | |
| dc.language.iso | eng | |
| dc.peerreviewed | yes | |
| dc.publisher | Elsevier | |
| dc.relation | Center of Applied Economic Studies of the Atlantic | |
| dc.relation | Applied Management Research Unit | |
| dc.relation.ispartof | Finance Research Letters | |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | |
| dc.subject | Airlines | |
| dc.subject | Event study | |
| dc.subject | Stock market reaction | |
| dc.subject | CrowdStrike | |
| dc.subject | IT outage | |
| dc.title | Airline stock market reaction to CrowdStrike IT outage: an event study analysis | eng |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.awardTitle | Center of Applied Economic Studies of the Atlantic | |
| oaire.awardTitle | Applied Management Research Unit | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00685%2F2020/PT | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDP%2F04752%2F2020/PT | |
| oaire.citation.startPage | 2 | |
| oaire.citation.title | Finance Research Letters | |
| oaire.citation.volume | 77 | |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| oaire.version | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |
| person.familyName | Moutinho | |
| person.givenName | Nuno | |
| person.identifier.ciencia-id | CA1B-4924-2BBA | |
| person.identifier.orcid | 0000-0002-9242-8324 | |
| person.identifier.scopus-author-id | 57742333300 | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
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