%Aigaion2 BibTeX export from HES SO Valais Publications
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@INPROCEEDINGS{,
     author = {Mar{\'{e}}chal, Lo{\"{\i}}c},
   keywords = {cybersecurity., Econometrics, Event study},
      month = jul,
      title = {Reassessing the market impact of cyber incidents: A bias-adjusted event study approach},
  booktitle = {MRS2026 International Risk Conference},
       year = {2026},
   location = {Honolulu},
        url = {https://www.globalmrs.org/mrs2026/papers/65.pdf},
   abstract = {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 event-induced 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.}
}