Master Thesis Online
Research-Thesis How does the Russian-Ukrainian war affect the performance of the European ESG ETFs compared to European Non-ESG ETFs, and what factors contribute to any observed differences in their performance?
Chaairi, Manal 
Promotor(s) :
Santi, Caterina
Date of defense : 14-Jan-2026/28-Jan-2026 • Permalink : http://hdl.handle.net/2268.2/25198
Master Thesis - Manal CHAAIRI.pdfDetails
| Title : | Research-Thesis How does the Russian-Ukrainian war affect the performance of the European ESG ETFs compared to European Non-ESG ETFs, and what factors contribute to any observed differences in their performance? |
| Translated title : | [fr] Comment la guerre russo-ukrainienne affecte-t-elle la performance des ETF européens ESG par rapport aux ETF européens non-ESG, et quels facteurs contribuent aux différences observées dans leur performance ? |
| Author : | Chaairi, Manal
|
| Date of defense : | 14-Jan-2026/28-Jan-2026 |
| Advisor(s) : | Santi, Caterina
|
| Committee's member(s) : | Mernier, Lorren
|
| Language : | English |
| Number of pages : | 84 |
| Keywords : | [en] ESG investing [en] Exchange-Traded Funds [en] ETF [en] Geopolitical risk [en] Russia-Ukraine war [en] Event study methodology [en] Portfolio performance [en] Fund resilience [en] Sectoral exposure [en] Fund size and liquidity [en] Investor behavior |
| Discipline(s) : | Business & economic sciences > Finance |
| Target public : | Researchers Professionals of domain |
| Institution(s) : | Université de Liège, Liège, Belgique |
| Degree: | Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management |
| Faculty: | Master thesis of the HEC-Ecole de gestion de l'Université de Liège |
Abstract
[en] This paper examines the impact of the Russia-Ukraine war on the performance of European ESG and non-ESG Exchange-Traded Funds (ETFs). Using an event study framework and cross-sectional regressions, it analyzes short-term market reactions and performance heterogeneity across funds. The results show that ESG ETFs do not provide immediate abnormal protection but exhibit greater medium-term stability, driven primarily by structural characteristics particularly fund size rather than sectoral exposure.
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