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S i , t | T E R C ) + Ø The parameter Ø measures the impact of terrorism shocks when the two equations are differenced: ( 4 ) E ( F I S i , t | T E R T ) − E ( F I S i , t | T E R C ) = Ø = Ø i + Ø t This difference (Ø) effectively becomes the time and event averaged terrorism shock resulting from the set of terrorism shocks. As such, it is