<![CDATA[The Russia–Ukraine War that occurred on February 24, 2022 triggered global economic disruptions and potentially affected the capital markets of G-20 member countries. This study aims to analyze the stock market reactions of G-20 countries using an event study method. The research data consists of stock price indices from 19 G-20 countries observed over five days before and five days after the event. The Wilcoxon Signed Rank Test was used for hypothesis testing. The results show that six countries that are France, Germany, Italy, the European Union, Australia, and India experienced significant negative reactions, while the remaining thirteen countries showed no significant differences. This study concludes that the impact of the war on G-20 capital markets is heterogeneous. Therefore, investors should consider country specific characteristics in international portfolio diversification strategies.]]>
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