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This paper investigates the effects of domestic terrorist attacks on the stocks listed on French and Belgian stock exchanges. We use two asset pricing models (CAPM and Fama-French Five-Factor Model) to assess how abnormal returns have changed following the attacks. We also estimate short-term and long-term changes in systematic risk around the attacks. Our findings show that the French sectors experienced mixed reactions following the Charlie Hebdo attack and were moderately affected by other terrorist attacks (Paris and Nice). Furthermore, the results indicate that Belgian sectors were sensitive to Brussels terrorist attack in terms of both risk and return.

How did the French and Belgian Equity Markets React to their Domestic Terrorist Attacks?