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"An Empirical Analysis of the Effect of Supply Chain Disruptions on Long-run Stock Price Performance and Equity Risk of the Firm" was published by Vinod R. Singhal  and Kevin B. Hendricks in 2009 during their time together as professors at Georgia Institute of Technology. As per the paper's abstract:

"Supply chain disruptions are significant events for any firm. This paper investigates the long-term stock price effects and equity risk effects of supply chain disruptions based on a sample of 827 disruption announcements made during 1989-2000, examining the stock price effects starting one year before through two years after the disruption announcement date. Over this time period the average abnormal stock returns of firms that experienced disruptions is nearly -40%. Much of this underperformance is observed in the year before the announcement, the day of the announcement, and the year after the announcement. Furthermore, the evidence indicates that firms do not quickly recover from the negative effects of disruptions. We also find that equity risk (volatility) of the firm significantly increases around the announcement date. The equity risk in the year after the announcement is 13.50% higher when compared to the equity risk in the year before the announcement. Increases in the financial leverage (the ratio of the book value of debt to the sum of the book value of debt and the market value of equity) and asset risk are partly driving the increase in the equity risk. The increase in equity risk is not temporary as firms stay at the higher risk level for at least the next year."

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