Abstract
On September 18th, 2014, with a historic 84.7% turnout, Scottish voters declared their wish to stay as part of the UK with 55.3% No versus 44.7% Yes votes. During the period that leads to the referendum both sides made financial and economic claims that effected the actual outcome. Even the European Union, afraid of a contagious independence bid, supported this fear campaign. Financial markets reflect changes in risk. We provide evidence that Scottish independence referendum played a part in sending markets lower. However, evidence is clear that market risk is lower during and after the campaign and actual referendum periods. The referendum, according to the empirical financial evidence, not only did not increase financial risk, it actually lowered it.
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