The 2018/19 Boeing 737 Max crashes
: a study on stock market reaction

  • Niklas Jonathan Witting (Student)

Student thesis: Master's Thesis


This study analyzes the stock market reaction after the 2018/19 Boeing 737 Max crashes, on Boeing, Airbus and several different Airlines. It uses stock market data from Thompsons Reuters Eikon to conduct an event study. The purpose of the event study is to find out whether or not the 737 MAX crashes had an impact on the stock performance of the global aviation industry. Previous literature about event studies on aviation disasters are used to build hypotheses on what can be expected to happen. The analyzed companies are clustered into two distinct groups: the Airlines and the manufacturers. The study finds negative investor reactions on both, the Airlines and the Manufacturers.
Date of Award14 Oct 2020
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorGeraldo Cerqueiro (Supervisor)


  • Event study
  • Boeing
  • 737 Max
  • Financial impact
  • Aviation industry


  • Mestrado em Finanças

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