The researchers said they had identified a dramatic increase in investors seeking to sell shares in Israeli companies on the Tel Aviv Stock Exchange.
"Days before the attack, traders appeared to anticipate the events to come," say researchers Robert Jackson Jr from New York University and Joshua Mitts of Columbia University.
The study said that 4.43 million new shares in Leumi, Israel's largest bank, were short-sold between 14 September and 5 October period, yielding profits of 3.2bn shekels ($862m; £684m).
"Our findings suggest that traders informed about the coming attacks profited from these tragic events, and consistent with prior literature we show that trading of this kind occurs in gaps in US and international enforcement of legal prohibitions on informed trading," the study said.
https://www.bbc.com/news/business-67628380 