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Article
Business, Finance
Xiaoling Yu et al.
Summary: In this study, the relationship between COVID-19 government restriction policy, COVID-19 vaccination, and stock markets is examined using the COVID-19 stringency index. The findings indicate that the impact of the change rate of the COVID-19 stringency index on stock returns is significant before vaccination but becomes insignificant after vaccination. Negative news from COVID-19 restriction policy has a greater effect on stock volatilities than positive news. The introduction of COVID-19 vaccination weakens the linkage between the COVID-19 stringency index and the stock market, while the COVID-19 stringency index only partially mediates the correlation between the COVID-19 cumulative vaccination rate and stock market performance.
FINANCE RESEARCH LETTERS
(2023)
Article
Business, Finance
Michele Costola et al.
Summary: This study analyzes 203,886 online articles about COVID-19 published on MarketWatch.com, NYTimes.com, and Reuters.com from January to June 2020. Using machine learning techniques, the researchers extract the sentiment of the news and examine its relationship with the S&P 500 market. The results demonstrate a significant positive correlation between sentiment scores and the S&P 500 market, and reveal that sentiment components and news categories on NYTimes.com have different relationships with market returns.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2023)
Article
Business, Finance
Houssam Bouzgarrou et al.
Summary: This study investigates the impact of macroeconomic surprise and uncertainty on G7 financial markets during the COVID-19 pandemic. Real-time, real-activity indexes constructed by Scotti (2016) are used, and wavelet analysis and NARDL model are employed for empirical analysis. The findings suggest that G7 stock markets are sensitive to macroeconomic surprise and uncertainty, with a more pronounced effect in the long term than the short term. The study also shows that the COVID-19 crisis supports the relationship between macroeconomic indexes and stock prices. These results are valuable for investment decision-making on G7 stock indices at different investment horizons.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2023)
Article
Business, Finance
Kee H. Chung et al.
Summary: This paper demonstrates that the COVID-19 pandemic resulted in a decrease in liquidity and an increase in price efficiency and informed trading prior to the closure of the NYSE trading floor. The closure of the trading floor led to a reduction in liquidity, price efficiency, and informed trading on the NYSE, while its subsequent reopening resulted in an increase in these variables. The impact of the pandemic and trading floor on price efficiency can be partially explained by their influence on liquidity and informed trading. The effects on liquidity and price efficiency were completely reversed after the NYSE reopened its trading floor.
JOURNAL OF FINANCIAL MARKETS
(2023)
Article
Business, Finance
Matthias Scherf et al.
Summary: The COVID-19 pandemic has negatively impacted the global economy, mainly due to the lockdown restrictions implemented to control the spread of the virus. This study investigates the reactions of national stock market indices to the news of lockdown restrictions. It finds that there is a general negative effect of increasing restrictions, but there is also evidence of underreaction and subsequent overreaction during the announcement period. This under-/overreaction pattern is mainly observed in the first half of the sample, indicating learning effects. Relaxation of the lockdown restrictions has a positive effect on markets in the second half of the sample.
FINANCE RESEARCH LETTERS
(2022)
Article
Economics
Fanyi Wang et al.
Summary: This study utilized a survey questionnaire to collect data and used SEM technique for analysis to determine the impact of investment behavior on financial markets during COVID-19. The research found significant effects of risk perception, financial risk, profitability rate, and satisfaction on risk tolerance under COVID-19 uncertainty.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2022)
Article
Economics
Chuanjian Li et al.
Summary: The outbreak of Covid-19 has disrupted global economic and business activities, resulting in decreased cash flows and revenues, increased risk of corporate bankruptcies, and adverse effects on stock market performance. The study found that Covid-19 active cases and deaths significantly impact the Shanghai Stock Exchange (SSX) closing index.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2022)
Article
Business, Finance
Dinghai Xu
Summary: This paper investigates the impacts of the novel coronavirus (COVID-19) on Canadian stock market volatility, focusing on a time-varying parameter volatility model perspective.
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
(2022)
Article
Economics
Pramod Kumar Naik et al.
Summary: The study found that during the pandemic, the trading activities of FPIs had an impact on market volatility, while the trading style of mutual funds did not significantly influence volatility, ultimately leading to market instability.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2022)
Article
Public Administration
Mohamed A. K. Basuony et al.
Summary: This study examines the impact of the COVID-19 pandemic on international stock markets, finding unprecedented increases in conditional volatility and bad state probabilities, with asymmetric reactions across different markets.
JOURNAL OF PUBLIC AFFAIRS
(2022)
Article
Business, Finance
Deepa Bannigidadmath et al.
Summary: This paper analyses how COVID-19 related government policies influence stock markets. The study found that for most countries, the stimulus package and lockdown policies had a negative impact on stock returns, while the travel ban had the least effect on stock returns.
FINANCE RESEARCH LETTERS
(2022)
Article
Rohit Mishra et al.
Vision-The Journal of Business Perspective
(2022)
Article
Guglielmo Maria Caporale et al.
International Economics
(2022)
Article
Business, Finance
Mohammad Abdullah et al.
Summary: In this study, we examine the asymmetric effect of COVID-19 government interventions on global stock markets using a sample of 61 countries from January 2020 to December 2021. We apply Quantile ARDL (QARDL) and panel threshold regressions to analyze the data. The QARDL results show a heterogenous effect of government interventions on stock markets, which varies based on country income level and stock market size. Additionally, the panel threshold regression reveals a positive effect before the threshold level of government interventions and a negative effect after. These findings can provide valuable insights for policymakers in formulating intervention plans to mitigate financial turbulence.
INVESTMENT ANALYSTS JOURNAL
(2022)
Article
Jens Klose et al.
International Economics
(2022)
Article
Javed Bin Kamal et al.
International Economics
(2022)
Article
Hospitality, Leisure, Sport & Tourism
Antonio Miguel Martins et al.
Summary: This study examines the short-term market reaction of large fast food and food delivery companies to the COVID-19 pandemic, US lockdown, and contagion waves, finding that stocks react differently to these events depending on factors such as consumers' buying behavior and firm-specific characteristics.
CURRENT ISSUES IN TOURISM
(2022)
Article
Economics
Weiqing Li et al.
Summary: This study uncovered an empirical link between COVID-19 fear and stock market volatility, showing that fear of the virus is a key driver of public attention and market fluctuations. As a result of the pandemic, stock market performance and GDP growth decreased significantly, with public sentiment towards buying or selling heavily influenced by COVID-19 statistics. Investment in the gold market over the stock market is recommended due to these findings.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2022)
Article
Economics
Chi-Wei Su et al.
Summary: The study found that the COVID-19 pandemic significantly increased unemployment rates in Germany, Spain, and the UK, with changes in unemployment rates in Germany, Italy, and the UK being associated with COVID-19 cases. Additionally, COVID-19 also led to rising unemployment rates in Italy and the UK.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2022)
Article
Economics
Xue Gao et al.
Summary: This study compares the impact of COVID-19 on stock market volatility between the U.S. and China, finding that COVID-19 is the main reason for the sharp fluctuations in the U.S. stock market while China's stock market is more sensitive to the epidemic. The particularly loose interest rate policy effectively suppresses volatility in the U.S. stock market but also makes it difficult to address new potential crises.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2022)
Article
Business
Emon Kalyan Chowdhury et al.
Summary: This study investigates the impact of COVID-19 on global stock markets and economic activities, finding that the pandemic has had a negative impact on both stock markets and economic activities, with European stock markets being the worst affected.
BUSINESS AND SOCIETY REVIEW
(2022)
Article
Business, Finance
Taicir Mezghani et al.
Summary: The study found a dual causality between investor sentiment and financial market indices in optimistic or pessimistic situations, indicating that positive and negative financial market returns may affect Chinese investor sentiment. Additionally, pessimistic investor sentiment was found to have a negative impact on the banking, healthcare, and utility sectors. The study also showed a significant peak of connectivity between investor sentiment, the stock market, and sector indices during the 2015-2016 and 2019-2020 turmoil periods.
CHINA FINANCE REVIEW INTERNATIONAL
(2021)
Article
Economics
Shailaja Kheni et al.
Summary: This study investigates the impact of COVID-19 on the Indian financial market, finding a significant relationship between pandemic data and market volatility.
ANNALS OF FINANCIAL ECONOMICS
(2021)
Article
Business, Finance
Michele Costola et al.
Summary: During the COVID-19 outbreak, concerns about the severity of the pandemic played a significant role in investment decisions. This study found that public attention, as measured by search query volumes on Google Trends, is connected with stock markets in Italy, Germany, France, Great Britain, Spain, and the United States. The Italian Google Trends index was identified as the main driver of all the considered markets, with country-specific market impacts of COVID-19-related concerns closely following the Italian lockdown process.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
Silvio Contessi et al.
Summary: During the first wave of the COVID-19 pandemic in 2020, we observed periods of mildly explosive dynamics and collapses in the stock markets of 18 major countries. Statistical evidence shows instability transmission from the Chinese stock market to all other markets. The recovery process is heterogeneous and generally non-explosive.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
David Y. Aharon et al.
Summary: Government restrictions have a negative impact on the performance of stock indices in emerging markets, especially when closures are imposed. The market response to economic stimulus is mild and varies depending on the type of intervention and health measures. Public campaigns may increase awareness of COVID-19 but can also induce fear among the public, reflected in negative responses in capital markets.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2021)
Article
Economics
Warwick McKibbin et al.
Summary: This paper examines the potential impact of COVID-19 on the global economy, finding that even a contained outbreak could have significant short-term effects, especially in economies with less developed healthcare systems and high population density. Therefore, increasing investment in public health systems in all countries can significantly reduce economic costs.
ASIAN ECONOMIC PAPERS
(2021)
Article
Business, Finance
Lan Bai et al.
Summary: The study found that infectious disease pandemics have a significant positive impact on the permanent volatility of international stock markets, with varying effects on different countries' stock markets at different stages of the outbreaks.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
L. A. Smales
Summary: The study reveals that during the COVID-19 crisis, the increase in Google search volume (GSV) negatively impacts global stock returns and is associated with higher volatility. The rise in internet searches also accelerates the flow of information into financial markets. Affected by the crisis, retail investors are mainly focused on resolving uncertainty about household fears rather than seeking information on potential stock purchases.
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS
(2021)
Article
Business, Finance
Massimiliano Frezza et al.
Summary: The study found that Asian markets have fully recovered efficiency, while European and US markets have not yet returned to pre-crisis efficiency levels due to moderately high levels of volatility.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
Claudiu Tiberiu Albulescu
Summary: The official announcements regarding COVID-19 new cases and fatality ratio have been found to affect financial market volatility in the United States, leading to an increase in S&P 500 realized volatility. The study suggests that the prolongation of the coronavirus pandemic is a significant source of financial volatility.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
Md Lutfur Rahman et al.
Summary: The Australian stock market had negative reaction to the COVID-19 pandemic announcement, but only reacted positively to the JobKeeper package. Smallest, least profitable and value portfolios suffered more during the pandemic. Size and liquidity are significant drivers of abnormal returns.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
Ahmed S. Baig et al.
Summary: This study examines the impact of the COVID-19 pandemic on the microstructure of US equity markets, finding that increases in confirmed cases and deaths, as well as declining sentiment and lockdown measures, contribute to increased market illiquidity and volatility.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
Shaen Corbet et al.
Summary: By utilizing Chinese-developed data indices, the study found significant and persistent impacts of the coronavirus pandemic on Chinese financial markets, as well as substantial effects on the Bitcoin market. The confidence in cryptocurrencies seems to have been influenced by government education schemes, providing a possible explanation for the robust results across different data frequencies and methodologies.
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
(2021)
Article
Economics
Imlak Shaikh
Summary: The study examines the impact of the COVID-19 pandemic on 12 major equity markets, finding that the daily increase in new cases and deaths disrupts investor sentiment and leads to an unprecedented negative return in the market. The increased risk of emergent pandemic crises has made market connectedness and volatility spillover more pronounced.
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA
(2021)
Article
Economics
Maretno Agus Harjoto et al.
Summary: The COVID-19 pandemic had a negative impact on global stock markets, especially in emerging markets and for small firms. The United States stock market experienced positive abnormal returns from the Federal Reserve stimulus compared to other developed countries and emerging markets, with the gains mainly benefiting large firms over small firms.
APPLIED ECONOMICS LETTERS
(2021)
Article
Environmental Sciences
HaiYue Liu et al.
INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH
(2020)
Article
Medicine, General & Internal
Andrea Remuzzi et al.
Review
Environmental Sciences
Saeida Saadat et al.
SCIENCE OF THE TOTAL ENVIRONMENT
(2020)
Article
Business, Finance
Badar Nadeem Ashraf
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2020)
Article
Business, Finance
Scott R. Baker et al.
REVIEW OF ASSET PRICING STUDIES
(2020)
Article
Business, Finance
Mert Topcu et al.
FINANCE RESEARCH LETTERS
(2020)
Article
Business, Finance
Omair Haroon et al.
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE
(2020)
Article
Business, Finance
John W. Goodell
FINANCE RESEARCH LETTERS
(2020)
Article
Business, Finance
Adam Zaremba et al.
FINANCE RESEARCH LETTERS
(2020)
Article
Business, Finance
Badar Nadeem Ashraf
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE
(2020)
Article
Business, Finance
Abdullah M. Al-Awadhi et al.
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE
(2020)
Article
Business, Finance
Mohsin Ali et al.
JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE
(2020)
Article
Business
Pinglin He et al.
EMERGING MARKETS FINANCE AND TRADE
(2020)
Article
Business
Dinh Hoang Bach Phan et al.
EMERGING MARKETS FINANCE AND TRADE
(2020)
Article
Business, Finance
Dayong Zhang et al.
FINANCE RESEARCH LETTERS
(2020)
Article
Computer Science, Artificial Intelligence
Bin Weng et al.
EXPERT SYSTEMS WITH APPLICATIONS
(2018)
Article
Business, Finance
Michael Donadelli et al.
JOURNAL OF FINANCIAL MARKETS
(2017)
Article
Business, Finance
Bo Zhu et al.
PACIFIC-BASIN FINANCE JOURNAL
(2016)
Article
Computer Science, Artificial Intelligence
Ling-Jing Kao et al.
Article
Public, Environmental & Occupational Health
William J. Burns et al.
Article
Business, Finance
G. Mujtaba Mian et al.
Article
Business, Finance
Mohamed Zouaoui et al.
Article
Economics
Hui-Chu Shu
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
(2010)
Article
Business, Finance
James W. Kolari et al.
REVIEW OF FINANCIAL STUDIES
(2010)
Article
Economics
S. Raja Sethu Durai et al.
ECONOMIC MODELLING
(2009)
Article
Economics
Malcolm Baker et al.
JOURNAL OF ECONOMIC PERSPECTIVES
(2007)
Article
Business, Finance
Michael Lemmon et al.
REVIEW OF FINANCIAL STUDIES
(2006)
Article
Business, Finance
Malcolm Baker et al.
JOURNAL OF FINANCE
(2006)
Article
Business
GW Brown et al.
JOURNAL OF BUSINESS
(2005)
Article
Business, Finance
WY Lee et al.
JOURNAL OF BANKING & FINANCE
(2002)
