This article examines the effects of the Tiananmen Square incident on Hong Kong stock prices, which fell by more than 22% on the first day of trading after the event. Notwithstanding the expected negative across-the-board impact, we find some partial protection from the worst of the negative...

This paper examines the effects of the Tiananmen Square incident on Hong Kong stock prices, which fell by more than 22% on the first day of trading after the event. Notwithstanding expected negative across the board impact, we find some partial protection from the worst of the negative effects...