The effect of the royal wedding on the UK stock market

Figures & data

Table 1. Announcements around the royal wedding

Date	Event	Description
27/11/2017	1	Clarence House announced that Prince Harry would marry Meghan Markle in the spring of 2018
12/02/2018	2	Kensington Palace announced the date and time of the wedding
19/05/2018	3	The Royal wedding date

Table 2. Abnormal returns around the royal wedding and the robustness checks

					Chesney		Firm Removal		Market Integration		Fama-French 5 Factor		Market Model
Sector	Event	AR	t-stat	tCorrado	CP	t-stat	AR	t-stat	AR	t-stat	AR	t-stat	AR	t-stat
Mobile Telecommunication	2	4.10	2.15	−0.07	0.50	0.01	N/A	N/A	4.11	2.10	4.93	2.54	4.10	2.15
Personal Goods	1	−2.20	−2.19	−1.76	0.24	0.75	−0.61	−0.50	−2.62	−2.44	−2.94	−2.61	−2.20	−2.19

Table 3. Delayed reactions following the announcements around the royal wedding

Sector	Event	CAR2	t-stat	CAR5	t-stat	CAR10	t-stat
Automobiles and Parts	1	−17.18	−5.09	−21.69	−4.13	−28.00	−3.94
Beverages	2	1.08	1.42	3.33	2.61	2.86	1.45
Electricity	3	1.99	1.15	7.17	2.74	7.59	2.16
Equity Investment Instrument	1	−0.10	−0.11	−2.89	−2.23	−3.09	−1.86
Food and Drug Retailers	1	3.75	3.77	1.57	0.97	3.20	1.31
	3	−2.86	−2.05	−0.09	−0.04	−1.45	−0.52
General Retailers	1	1.78	2.65	1.07	1.02	0.42	0.28
Healthcare Equipment and Services	1	6.72	7.13	8.84	5.45	8.61	3.59
Industrial Transportation	1	−0.46	−0.39	−11.72	−6.24	−13.70	−4.95
Life Insurance	1	1.97	2.46	1.52	1.17	0.37	0.21
Nonlife Insurance	1	0.00	0.00	−0.06	−0.05	−3.86	−2.31
	3	−2.62	−2.40	−4.43	−2.51	−6.80	−2.54
Support Services	1	−0.12	−0.21	−2.38	−2.44	−2.93	−2.01
Technology Hardware and Services	3	−2.95	−2.32	−2.58	−1.33	−1.65	−0.58
Tobacco	1	−3.24	−2.45	−2.28	−1.21	−1.44	−0.63

Table 4. Market anticipation 2 days before the wedding day and the robustness checks

				Chesney		Firm Removal		Market Integration		Fama-French 5 Factor		Market Model
Sector	Event	CAR(−2)	t-stat	CP	t-stat	CAR(−2)	t-stat	CAR(−2)	t-stat	CAR(−2)	t-stat	CAR(−2)	t-stat
Food and Drug Retailers	3	5.84	4.18	0.48	0.06	0.38	0.14	6.10	4.39	5.64	3.88	1.40	1.49
General Retailers	3	1.89	2.01	0.15	1.18	3.22	1.74	2.25	2.59	2.12	2.21	3.72	0.58

Figure 1. Aggregate change in systematic risk following the royal wedding announcements.

Figure 2. Short-term change in systematic risk following the royal wedding announcements.

Figure 3. Long-term change in systematic risk following the royal wedding announcements.