• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Data Breaches Impact on Company's Financial Stability

Student: Egor Savelev

Supervisor: Elena Makushina

Faculty: Graduate School of Business

Educational Programme: Information Security Management (Master)

Final Grade: 8

Year of Graduation: 2018

This research focuses on finding and estimating the impact done by data breaches announcements made by public companies on price of their stocks at the stock market. Analysis of other works done on this topic showed that the most efficient methodology for this research is event study. Using event-study methodology we found out optimal parameters for this research and gathered data. We identified 38 events over 2012-2017 period. We used Fama-French model for calculation of Abnormal Return and t-test statistics to prove our hypothesis. Our results indicate that there is a statistically significant negative impact on stock price resulting from announcements of data breaches. Measured negative impact is 1.76% over the 4-day event window, including the announcement day. Additionally, we calculated the difference in impact in caused by announcements in different industries and compared our results to previous studies.

Full text (added May 21, 2018)

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses