Date of Award


Document Type


Degree Name

Master of Business Administration


College of Business and Public Administration

First Advisor

Sarwar, Ghulam

Second Advisor

Beer, Francisca

Third Advisor

Bhuyan, Rafiqul


The purpose of this study was to examine a 149-day period surrounding the capture of former Iraqi leader Saddam Hussein on December 13th, 2003. Daily stock returns were obtained from ten major stock market indexes, five from emerging Middle Eastern countries and five from established markets such as the United States and Japan. The ultimate significance of this study is that it can provide insight into whether or not the change of regime in Iraq had a stabilizing or destabilizing impact on the emerging markets of Iraq. This can shed light on future political escalation of violent conflict and give world leaders another piece of data to consider in their attempts to make the correct decisions for their own country and for the world as a whole.