The impact of COVID-19 on stock markets
By Qing He, Junyi Liu, Sizhu Wang, Jishuang Yu. Economic and Political Studies, 2020
369 citations recorded by the source corpus.
Abstract This paper attempts to explore the direct effects and spill-overs of COVID-19 on stock markets. Using conventional -tests and non-parametric Mann–Whitney tests, we empirically analyse daily return data from stock markets in the People’s Republic of China, Italy, South Korea, France, Spain, Germany, Japan and the United States of America. Our empirical results show that (i) COVID-19 has a negative but short-term impact on stock markets of affected countries and that (ii) the impact of COVID-19 on stock markets has bidirectional spill-over effects between Asian countries and European and American countries. However, there is no evidence that COVID-19 negatively affects these countries’ stock markets more than it does the global average. The findings contribute to the research on economic impact of the pandemic by providing empirical evidence that COVID-19 has spill-over effects on stock markets of other countries. The results also provide a basis for assessing trends in international stock markets when the situation is alleviated worldwide.
Subfields: Economics and Econometrics, Modeling and Simulation
View Paper: https://www.semanticscholar.org/paper/06946760ae2a8fc7afa54a2f1a3e3d378705c608
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Citations in the corpus
- Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis (2021, background): “He et al. (2020) examined the effects and spillovers of COVID-19 in the stock markets of the eight most affected countries.”