The Effects of Terrorism on Turkish Financial Markets

Abstract

In this research, we analyzed how Turkish financial markets and foreign investors in the stock market reacted to the terror attacks in Turkey. Our analysis, which was performed using the terror index for the stock market and the foreign exchange market, revealed that returns, abnormal returns, and cumulative abnormal returns were not affected by the terror attacks; however, foreign investors in the stock market were affected. When the geographic regions of the terror attacks were analyzed, the findings showed that foreign investors were negatively affected mainly by the terror attacks that occurred in southeast Anatolia. Attack type and target type were important only for foreign investors. An evaluation of the interaction between the terror attacks and the markets with the involvement of the terrorist organizations indicated that only the foreign investors in the stock market were affected by Al-Qaeda and PKK-linked terror attacks. An evaluation of the effect of terror attacks in foreign countries on Turkish financial markets revealed no effect on the domestic stock market and foreign exchange markets. We also examined the volatility spillovers from the terror index to the stock market and found that terrorist attacks increased the volatility of the stock market.     

Counterterrorism And Its Impact On Terror Support And Recruitment: Accounting For Backlash

This article presents a dynamic model in which counterterrorism policies have the potential to generate positive public support for terrorism via a backlash that may fuel terror recruitment. For an optimizing government aiming at maximizing security, this phenomenon produces a natural bound on proactive counterterror policy that is related to the dynamic path of conflict. Moreover, terror is a persistent phenomenon that requires patience on the part of the target government for optimal counterterror policies to be realized. Finally, the potential for backlash yields insights into the need for target governments to fight an information war to change public opinion regarding its own policies and the ultimate effect of terror attacks.     

How Different Terrorist Attacks Affect Stock Markets

Terrorist attacks adversely affect the Pakistani stock market. However, such effect is short-lived: the market recovers from terrorist shocks in one day. The impact of attack depends on the locations and types of attack. The more severe the attack (i.e. more people killed), the more negative is the KSE-100 index return. Most interestingly, stock market contains information about future attacks. In sum, different tactics of terrorists have varied effects on financial markets, which in turn can predict terrorist attacks.     

Decapitation,disruption, and unintended consequences in counterterrorism: lessons from Islamist terror networks in Spain

This study examines the unintended consequences of decapitation strategies. Two Islamist terror networks in Spain have been used to critically evaluate theories of leadership removal guided by large-N cross-sectional research. Arguably, current models neglect to include relational variables that constitute the foundation for policies of network disruption. Spanish terror networks are mapped out over a 10-year period (1995–2004) to demonstrate the importance of network variables. Policies meant to disrupt militant networks can generate unintended consequences, as was the case with Spain’s Operation Dátil following the 9/11 attacks on the Twin Towers and the Pentagon in the United States. The Madrid train bombing network developed in the vacant political space following the counterterrorism operation that targeted radical Islamists in Spain.     

Does counterterrorism spending reduce the incidence and lethality of terrorism? A quantitative analysis of 34 countries

Following the 11 September 2001 attacks, the US government increased its counterterrorism (CT) funding and created several Federal Agencies such as the Department of Homeland Security; Transportation Security Administration; and National Counterterrorism Center. Similarly, the 7 July 2005, London bombings also compelled the British government to increase its CT funding. These examples illustrate a phenomenon that when states experience terrorism, they dramatically increase public safety spending in order to reduce or eliminate the incidents of and casualties resulting from acts of terror. Using statistical data collected from 34 countries covering nine years, this article examines recent CT spending increases. Critically, the authors explore whether recent public safety expenditures can measurably reduce the number of domestic and international terrorist attacks. The implications of their findings should be salient for policy-makers’ assessments of their countries’ current CT strategies and policies concerning their respective Intelligence and Security Communities.     

ON ETHNIC CONFLICT AND THE ORIGINS OF TRANSNATIONAL TERRORISM

Using the ITERATE dataset, we explore the origins of transnational terrorist activity, from 1982 through 1997, in 118 countries. We model terrorism, not as a function of a nation’s ethnic, religious or linguistic fractionalization, but as an independent measure of perceived ethnic tensions. When we control for institutional quality, evidence that political rights and civil liberties mitigate the terrorism‐producing effects of ethnic tensions exists only since 1990. Economic freedoms, on the other hand, robustly reduce the number of terrorist attacks originating in ethnically tense societies.     

THE DEMOCRATIC REPUBLIC OF CONGO

Biological and chemical weapons are increasingly in the news. A series of events in the United States, beginning with the 11 September 2001 attacks and including mailed letters deliberately infected with anthrax later that year, have led to heightened fears of increasing resort to such agents for terror. Concurrently, the 2003 Iraq war, which failed to find weapons of mass destruction (WMD), has led to a great deal of cynicism about such threats, especially in the developing world. This article sets out the concerns of the International Committee of the Red Cross (ICRC) about the risks of new advances in the life sciences being turned to hostile use and explains what it is doing to try to encourage objective risk assessment and reduction in that context. We argue that, setting aside the rhetoric of the ‘war on terror’, there are sound reasons for actors in the life sciences in Africa to treat concerns about poisoning and the deliberate spread of disease seriously. It is in their interests to take practical action in line with their existing ethical and legal obligations in order to assess and reduce these threats.     

The ballot or the bomb belt: the roots of female suicide terrorism before and after 9/11

ABSTRACT

In recent years, an upward trend in terrorist attacks has mirrored an increase in suicide attacks. According to our preliminary analysis, the events of September 11^th marked a sea change in the number of terrorist attacks. While a rich literature has evaluated why terrorists participate in suicide attacks, none have considered the uptick in volume after 9/11, and fewer yet have considered how female fighters may be contributing to this. We evaluate how both structural and female-specific factors affect the likelihood of female fighter suicide attacks. Recent literature discovered a trend in terrorist groups using females as suicide bombers due to cultural norms that permit them to get closer to targets. We test our theory using data from the Chicago Project on Security and Threats Suicide Attack Database (CPOST-SAD) and various datasets from the Quality of Government (QOG) compendium for the 1986–2016 time period. We construct a series of models that consider both female-specific and structural factors that could explain variation in the number of female suicide attacks. Our results indicate that our models encompass relatively stable patterns. Female political empowerment, female educational attainment, and female employment rates are significant and positive in our post-9/11 models, indicating that they may increase female suicide attacks. Democracy is a relevant structural factor and generally yields a positive effect on female suicide attacks across both time periods and multiple models. Ethnic fractionalization is significant in both time periods but yields a negative effect before 9/11 and a positive effect in the later period.     

某型底排-火箭串联式复合增程弹发动机最佳点火时间研究

针对底排-火箭串联式复合增程弹火箭发动机点火时间进行外弹道优化研究,分析底排装置对火箭发动机工作特性的影响,研究火箭发动机不同点火时间对全弹射程的影响,确定火箭发动机的最佳点火时间.     

直升机载制导火箭弹命中精度评定研究

针对直升机载制导火箭弹特点,根据命中精度概念,分析出直升机载制导火箭命中精度的合理表示方法;考虑研制成本、试验条件等因素,提出研制阶段基于点估计和区间估计的制导火箭命中精度评定方案,并通过试验数据验证其正确性。鉴于产品批量生产交付阶段抽检质量时实弹难以统计弹着点和用弹数量有限的困难,提出了CEP评定转换为命中率考核,采用截尾序贯法,并进行优化的评定方案。     

Applying Order-of-Battle to Al Qaeda Operations

Since the global war on terror began, the pursuit of Al Qaeda is widely considered as warfare and not the pursuit of criminals. In light of counter-terrorism being redefined as war, the criteria applied for tracking militaries of conventional enemies may also be applicable to Al Qaeda. Intelligence analysts have long used the nine order-of-battle (OB) criteria as part of the estimative process for conventional, or nation-state, enemies. Applying OB criteria to Al Qaeda may assist intelligence analysts in knowing the enemy and identifying changes that will allow for predictive analysis. Many elements of Al Qaeda's OB prior to the events of 11 September were viewed as clutter and not significant changes that might have otherwise alerted intelligence analysts to the impending attack. This essay suggests how one might go about applying the nine OB criteria to analysis of Al Qaeda. Although more difficult and requiring modification, using an analytical procedure that has been tested successfully over many years is a logical step in the war on Al Qaeda. If all OB changes are tracked and analyzed using a systematic approach as outlined in this essay, Al Qaeda attacks may be predicted and/or curtailed in the future.     

New terrorist threat to India's internal security: the danger from Pakistan's “Karachi Project”

The spectacular commando-style terrorist strike on Mumbai in November 2008 exposed India's lax internal security structure. As nearly all the security apparatus broke down during the long spell of attacks, massive public outrage flared up across the country calling for a firmer government response. Shockingly, India has done little to prevent a recurrence and a new security threat faces the country every single day not merely before but even after the Mumbai attacks. In contrast, Pakistan's Inter Services Intelligence and the Lashkar-e-Taiba have successfully evaded pressures from both India and the international community and continue their terror campaign against India under the “Karachi Project” with the explicit intention to unsettle South Asia. Classified documents indicated that India is at the forefront of a cataclysmic “nuclear terrorism” threat from a “combination of Pakistan-based terrorists and homegrown radicals.” This article analyses the danger posed by the Indo-Pak radical groups targeting India and India's lack of preparedness to the new security threat from the “Karachi Project.”     

射流角度和壁面曲率对撞壁液膜的影响

射流角度和壁面曲率是空间液体火箭发动机液膜冷却设计的重要参数,通过实验研究了入射角和壁面曲率半径对射流撞壁液膜形态和液膜厚度的影响;实验中液膜厚度的测量采用探针法法测量。对射流撞壁的溅射现象进行的分析表明,射流由壁面附着状态转变为液滴飞溅状态的临界We数为214.1,射流撞壁后由附壁状态转变为溅射状态的临界入射角度为23.1°,根据液体火箭发动机冷却的需要可以选择合适的射流角度。     

THE POST-9/11 SECURITY AGENDA AND PEACEKEEPING IN AFRICA

There are two mainstream schools of thought about the impact of the war against terror on international efforts to resolve African conflicts. One sees in the war against terrorism a renewed focus on eradicating the root causes of civil war in Africa and elsewhere, simply because it is believed that it is these conditions that foster the kind of political alienation that propels people into committing acts of terror. The other sees the continued marginalisation of Africa by powerful nations that, despite rhetoric to the contrary, have clearly become so preoccupied with their own security agenda that the bulk of resources will be directed towards combating the symptoms, rather than the root causes, of terrorism. This article asserts that the US, UN and African responses to 11 September open the door for a manipulation and redefinition of terrorism to justify crackdowns on legitimate dissent, and that peacekeeping and peace-building in Africa must inevitably take a back seat to the war on terror. It calls for a more sober and balanced perspective on what is needed to cope with the ever-increasing challenges to human security in Africa.     

TRENDS AND MARKERS

Africa is severely affected by sub-state terrorism—a phenomenon that is deeply rooted in the crisis facing a number of African states. While the importance of root causes in so-called sub-state terrorism is generally accepted, this issue is hotly contested internationally in debates on terrorism. In fact, both sub-state and transnational terrorism have essentially local causes and linkages, and therefore much of what is categorised as terrorism should be treated more appropriately as insurgencies. Recent events in Somalia are of particular concern, as Western responses to the war on terror may further complicate the domestic situation, with self-fulfilling results. Great care should be exercised by African states in adopting either the language of or the prescribed solutions for transnational terrorism as part of the ‘global war on terror’.     

Terrorism in West Africa: Real,emerging or imagined threats?

This essay locates the West African region in the context of the post-9/11 discourses on terrorism and counter-terrorism, particularly as it relates to the global war on terror. It identifies and analyses the issues and challenges that flow from the integration of West Africa into hegemonic transnational/globalised security arrangements, and the ways in which the emerging state (militaristic) and globalised security framework could reinforce or, paradoxically, undermine regional, intranational human and environmental security in one of Africa's most troubled regions. It critically examines the possibility of a terrorist threat in the region and analyses the global stakes involved in integrating West Africa into the global war on terror. On this basis, it concludes that zero-sum, militarist, globally driven solutions may fail to address the historical, political, and socio-economic roots of a possible terrorist threat in West Africa.     

PUBLIC ATTITUDES REGARDING UNDOCUMENTED MIGRATION AND POLICING/CRIME

The incessant bomb attacks by the Niger Delta militants and Boko Haram elements among other popular movements, against the people and government targets, have unmistakably put Nigeria on the global terrorist nations’ map. The grievances of these groups which are political, economic and religious may not be unconnected from the design and operation of the federation; this paper thus examines the constitutional provisions, and political and economic attributes, of the Nigerian federation in the Fourth Republic with a view to discovering why a mechanism put in place with the objective of achieving interethnic unity, democratic stability and socio-economic development has worked to enthrone crisis, violence and disintegrative tendencies in the country. This paper argues that the current reign of terror is a manifestation of a more serious de-linkage and inconsonance between the state and the people, with popular movements providing an alternative platform for spaces, voices and benefits from the streets and away from the state. The paper concludes that the hope for federal renewal lies in the ability of the current handlers of the Nigerian statecraft to marry decentralist constitutional reforms with an agenda for mass-based socio-economic development of the country.     

Interdiction models for delaying adversarial attacks against critical information technology infrastructure

Information technology (IT) infrastructure relies on a globalized supply chain that is vulnerable to numerous risks from adversarial attacks. It is important to protect IT infrastructure from these dynamic, persistent risks by delaying adversarial exploits. In this paper, we propose max‐min interdiction models for critical infrastructure protection that prioritizes cost‐effective security mitigations to maximally delay adversarial attacks. We consider attacks originating from multiple adversaries, each of which aims to find a “critical path” through the attack surface to complete the corresponding attack as soon as possible. Decision‐makers can deploy mitigations to delay attack exploits, however, mitigation effectiveness is sometimes uncertain. We propose a stochastic model variant to address this uncertainty by incorporating random delay times. The proposed models can be reformulated as a nested max‐max problem using dualization. We propose a Lagrangian heuristic approach that decomposes the max‐max problem into a number of smaller subproblems, and updates upper and lower bounds to the original problem via subgradient optimization. We evaluate the perfect information solution value as an alternative method for updating the upper bound. Computational results demonstrate that the Lagrangian heuristic identifies near‐optimal solutions efficiently, which outperforms a general purpose mixed‐integer programming solver on medium and large instances.     

弹体压心位置变化对末制导炮弹弹道的影响

首先对比弹体压心位置变化对火箭增程弹道和末制导炮弹名义弹道的不同影响，重点分析弹体压心位置变化对末制导炮弹末导段弹道的影响特点，得出弹体压心位置变化对末导段弹道的捕获域和有效攻击区有着重要影响的结论。该结论对末制导炮弹的射表编拟以及新型末制导炮弹的设计都具有重要指导意义。     

恐怖活动中公众心理恐惧效应对社会稳定的影响及对策

恐怖活动往往导致公众的巨大心理恐惧效应,极易造成一定程度甚至是大规模的社会恐慌,严重影响社会稳定。因此,降低公众对恐怖袭击活动的心理恐惧效应、提高其心理承受能力,对恐怖活动发生时维护社会稳定具有重要意义。