Black Swan events are rare and seemingly random in nature. In the famous paper by Nassim Nicholas Taleb, it is posited that Black Swan events cannot be reliably predicted, and it is instead important to be prepared for them at all times (Musgrave, 2009). This study aims to understand various Black Swan events in recent history from the point of view of equity markets, and performs a comparative study between different events across time and geography in order to understand if there are any standard early indicators. In this study, a total of seven global events have been observed within the selected period from FY 1997 to FY 2019. All events have been considered from the standpoint of their impact on S&P 500 index. Apart from assessing the sensitivity factor, the impact of each event was observed for any statistical similarity through a One-Way ANOVA test of their normalised values.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.