TY  - JOUR
T1  - Reassessing the market impact of cyber incidents: A bias-adjusted event study approach
A1  - Maréchal, Loïc
JA  - International Review of Economics and Finance
Y1  - 2026
VL  - 109
SP  - 105388
UR  - https://www.sciencedirect.com/science/article/pii/S1059056026005010
M2  - doi: https://doi.org/10.1016/j.iref.2026.105388
KW  - Cybersecurity
KW  - Econometrics
KW  - Event study
N2  - This study examines the impact of cyber incidents on shareholder value. Using data from 2012 to 2022, we measure abnormal stock returns around reported incidents, adjusting for eventinduced variance and cross-correlation. Unlike prior research, we find no statistically significant market-wide abnormal returns once these adjustments are applied. However, data breaches stand out as particularly damaging, with average losses of –1.3% (USD –1.9 billion). The health sector is especially vulnerable, with average losses of –5.2%. Our results suggest that cyber risk is priced selectively by markets, with implications for portfolio risk assessment, sector allocation, and investment strategies.
ER  -