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Stock market reaction to the COVID‑19 pandemic : an event study

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dc.contributor.authorJi, Xiuping
dc.contributor.authorBu, Naipeng (Tom)
dc.contributor.authorZheng, Chen
dc.contributor.authorXiao, Honggen
dc.contributor.authorLiu, Caixia
dc.contributor.authorChen, Xuesheng
dc.contributor.authorWang, Kangping
dc.date.accessioned2024-01-25T16:31:21Z
dc.date.available2024-01-25T16:31:21Z
dc.date.issued2024
dc.description.abstractThe COVID-19 pandemic created unprecedented challenges for communities and economies around the world. Based on 13 leading global stock indices, the event study method is adopted in this research to explore the impact of the COVID-19 pandemic on the performance of the stock market indices in the short term. Regres sion results show that the global stock markets performed poorly in response to the COVID-19 pandemic. The findings of the event study imply that the stock markets reacted rapidly and negatively to the COVID-19 pandemic when lockdown restric tions were announced to contain the spread of the novel coronavirus. The Asian stock indices experienced more negative abnormal earnings than the stock indices of the countries outside Asia. Moreover, investor sentiments act as a wedge between financial investment decisions, returns, and fear of uncertainty caused by the pan demic. Furthermore, the panic experienced by investors may be an effective trans mission channel through which the COVID-19 outbreak affects the returns on the stock market indices.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationJi, Xiuping ... [et al.] (2024). "Stock market reaction to the COVID‑19 pandemic : an event study". Portuguese Economic Journal, 23(1):167-186pt_PT
dc.identifier.doi10.1007/s10258-022-00227-wpt_PT
dc.identifier.issn1617-9838 (electronic)
dc.identifier.issn1617-982X (print)
dc.identifier.urihttp://hdl.handle.net/10400.5/29954
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherSpringerpt_PT
dc.relation.publisherversionhttps://link.springer.com/article/10.1007/s10258-022-00227-wpt_PT
dc.subjectAbnormal returnpt_PT
dc.subjectCOVID-19 pandemicpt_PT
dc.subjectFinancial performancept_PT
dc.subjectInvestor sentimentpt_PT
dc.subjectLockdownpt_PT
dc.subjectStock indexpt_PT
dc.titleStock market reaction to the COVID‑19 pandemic : an event studypt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.conferencePlaceLisbonpt_PT
oaire.citation.endPage186pt_PT
oaire.citation.issue1pt_PT
oaire.citation.startPage167pt_PT
oaire.citation.titlePortuguese Economic Journalpt_PT
oaire.citation.volume23pt_PT
rcaap.rightsclosedAccesspt_PT
rcaap.typearticlept_PT

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Portuguese Economic Journal, 2024, Volume 23, Nº 1, 2024