An Empirical Study of the Impact of the Black Swan Event on the Stock Prices of Listed Companies - A Case Study of the BMW "Ice Cream" Event

Abstract

Over the past few years, the frequent occurrence of black swan events in enterprises has caused serious harm to the life safety of employees in listed companies, daily production and operation and social environment. At the same time, it will also cause investors' panic and have a huge impact on the stability of the financial market. Although people's awareness of risk prevention continues to increase, the new black swan is still impossible to prevent. The popularity of the Internet has expanded the scope of influence of the black swan incident and intensified people's panic. At present, the impact of the black swan event is mostly focused on the impact on the national macro-economy and financial stock market, while the impact of the enterprise black swan event on the company's share price is less studied. This paper takes the BMW "ice cream" event as an example to conduct an empirical study and draws the conclusion that the black swan event will return to normal in the long run after its short-term impact on the company's share price. Finally, based on empirical evidence, this paper presents the corresponding suggestions for aspects of government regulation, business management and investor education.