Senior Honors Projects, 2020-current

Creative Commons License

Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

Date of Graduation




Document Type


Degree Name

Bachelor of Business Administration (BBA)


Department of Finance and Business Law


Pamela P. Drake

Jaideep Chowdhury

Carl Larsson


A Black Swan, as termed by Nassim Taleb, is an unexpected, high magnitude event that is often rationalized in hindsight. 9/11 and the Financial Crisis of 2008 are two examples of these tail probability events. Though COVID-19 has been regarded as momentous and unexpected, Taleb does not credit it as a true Black Swan. This paper aims to compare COVID-19 to these recent Black Swans in terms of predictability and significance. Cointegration was tested across 11 major sectors. Further economic indicators were explored with the goal of discussing the broader context of each event. It was concluded that COVID-19 was predictable as compared to the other two events. However, the economic weight of COVID-19 is quite comparable to that of the Financial Crisis of 2008 and should not be ignored.


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