The Impact of COVID-19 Pandemic on Stock Markets: An Empirical Analysis of World Major Stock Indices |
KHAN, Karamat
(School of Finance, Zhongnan University of Economics and Law)
ZHAO, Huawei (Henan University) ZHANG, Han (School of Finance, Zhongnan University of Economics and Law) YANG, Huilin (School of Finance, Zhongnan University of Economics and Law) SHAH, Muhammad Haroon (School of Finance, Zhongnan University of Economics and Law) JAHANGER, Atif (School of Finance, Zhongnan University of Economics and Law) |
1 | Ali, N., Nassir, A. M., Hassan, T., & Abidin, S. Z. (2010). Short run stock overreaction: Evidence from Bursa Malaysia. International Journal of Economics and Management, 4(2), 319-333. http://www.ijem.upm.edu.my/vol4no2/bab07.pdf |
2 | Baldwin, R., & Mauro, B. W. (2020). Economics in the Time of COVID-19. In Economics in the Time of COVID-19. London, UK: CEPR Press. https://voxeu.org/content/economics-timecovid-19 |
3 | Boon, L., Haugh, D., Pain, N., & Salins, V. (2020). Tackling the fallout from COVID-19. In Economics in the Time of COVID-19. London, UK: CEPR Press. https://voxeu.org/content/economics-time-covid-19 |
4 | Gale, J. (2020). Mysterious China Pneumonia Outbreak Monitored by UN Agency - Bloomberg. Retrieved April 29, 2020, from https://www.bloomberg.com/news/articles/2020-01-04/chinapneumonia-outbreak-spurs-who-action-as-mystery-lingers |
5 | Nippani, S., & Washer, K. M. (2004). SARS: A non-event for affected countries' stock markets? Applied Financial Economics, 14(15), 1105-1110. https://doi.org/10.1080/0960310042000310579 DOI |
6 | OECD. (2020). Coronavirus: The world economy at risk. OECD Interim Economic Assessment. |
7 | Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to the Novel Coronavirus. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3550274 |
8 | S&P Dow Jones Indices. (2020). S&P Dow Jones Indices. Retrieved April 29, 2020, from https://us.spindices.com/ |
9 | WEF. (2020). The Global Risks Report 2020 15th Edition. World Economic Forum. |
10 | Siu, A., & Wong, Y. C. R. (2004). Economic Impact of SARS: The Case of Hong Kong. Asian Economic Papers, 3(1), 62-83. https://doi.org/10.1162/1535351041747996 DOI |
11 | WHO. (2020a). Novel Coronavirus (2019-nCoV) Situation Report 21 January 2020. https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200121-sitrep-1-2019-ncov.pdf?sfvrsn=20a99c10_4 |
12 | WHO. (2020b). Pneumonia of unknown cause - China. Retrieved April 29, 2020, from https://www.who.int/csr/don/05-january-2020-pneumonia-of-unkown-cause-china/en/ |
13 | WHO. (2020c). Director-General's opening remarks at the media briefing on COVID-19 - 11 March 2020. Retrieved April 29, 2020, from https://www.who.int/dg/speeches/detail/who-directorgeneral-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020 |
14 | Wong, G. (2008). Has SARS infected the property market? Evidence from Hong Kong. Journal of Urban Economics, 63(1), 74-95. https://doi.org/10.1016/j.jue.2006.12.007 DOI |
15 | Chen, M. P., Lee, C. C., Lin, Y. H., & Chen, W. Y. (2018). Did the S.A.R.S. epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis. Economic Research-Ekonomska Istrazivanja, 31(1), 908-926. https://doi.org/10.1080/1331677X.2018.1456354 DOI |
16 | Chen, C.-D., Chen, C.-C., Tang, W.-W., & Huang, B.-Y. (2009). The Positive and Negative Impacts of the Sars Outbreak: A Case of the Taiwan Industries. The Journal of Developing Areas, 43(1), 281-293. https://www.jstor.org/stable/40376284?seq=1#metadata_info_tab_contents DOI |
17 | Chen, M. H., Jang, S. C., & Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach. International Journal of Hospitality Management, 26(1), 200-212. https://doi.org/10.1016/j.ijhm.2005.11.004 DOI |
18 | Chen, M. P., Chen, P. F., & Lee, C. C. (2013). Asymmetric effects of investor sentiment on industry stock returns: Panel data evidence. Emerging Markets Review, 14(1), 35-54. https://doi.org/10.1016/j.ememar.2012.11.001 DOI |
19 | Chen, N.-F., Roll, R., & Ross, S. A. (1986). Economic Forces and the Stock Market. The Journal of Business, 59(3), 383-403. https://doi.org/10.1086/296344 DOI |
20 | Chou, J., Kuo, N.-F., & Peng, S.-L. (2004). Potential Impacts of the SARS Outbreak on Taiwan's Economy. Asian Economic Papers, 3(1), 84-99. https://doi.org/10.1162/1535351041747969 DOI |
21 | Cohen, J. (2020). Wuhan seafood market may not be source of novel virus spreading globally. Science, 10. https://doi.org/10.1126/science.abb0611 |
22 | Ma, J. (2020). Coronavirus: China's first confirmed Covid-19 case traced back to November 17. South China Morning Post. Retrieved April 29, 2020, from https://www.scmp.com/news/china/society/article/3074991/coronavirus-chinas-firstconfirmed-covid-19-case-traced-back |
23 | Fiscal Monitor (2020, April). Chapter 1: Policies to Support People During the COVID-19 Pandemic. Retrieved April 29, 2020, from https://www.imf.org/en/Publications/FM/Issues/2020/04/17/Fiscal-Monitor-April-2020-Chapter-1-Policies-to-Support-People-During-the-COVID-19-Pandemic-49278 |
24 | Fan, Y., Zhao, K., Shi, Z. L., & Zhou, P. (2019). Bat coronaviruses in China. In Viruses, 11(3), 210. https://doi.org/10.3390/v11030210 DOI |
25 | World Economic Outlook. (2020, April). World Economic Outlook 2020 : The Great Lockdown. Retrieved April 29, 2020, from https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/World-Economic-Outlook-April-2020-The-Great-Lockdown-49306 |
26 | World Health Organization. (2020). World Health Organization (WHO) on Twitter: "Preliminary investigations conducted by the Chinese authorities have found no clear evidence of humanto-human transmission of the novel #coronavirus (2019-nCoV) identified in #Wuhan, #China. https://t.co/Fnl5P877VG" / Twitter. Retrieved April 29, 2020, from https://twitter.com/who/status/1217043229427761152?lang=en |
27 | Wren-Lewis, S. (2020). The economic effects of a pandemic. In Economics in the Time of COVID-19. London, UK:CEPR Press. https://voxeu.org/content/economics-time-covid-19 |
28 | Wuhan Municipal Health Commission. (2019). Wuhan Municipal Health Commission on the current situation of pneumonia in our city. Retrieved April 29, 2020, from https://www.yicai.com/news/100452245.html |
29 | Yahoo Finance. (2020). Stock Market Live, Quotes, Business & Finance News. Retrieved April 29, 2020, from https://finance.yahoo.com/ |
30 | Today's Headlines. (2020). Special topic on combating pneumonia. Retrieved April 29, 2020, from https://i.snssdk.com/ugc/hotboard_fe/hot_list/template/hot_list/forum_tab.html |
31 | Global Financial Stability Report. (2020). Global Financial Stability Report. Retrieved April 29, 2020, from https://www.imf.org/en/Publications/GFSR/Issues/2020/04/14/global-financialstability-report-april-2020 |
32 | Huang, C., Wang, Y., Li, X., Ren, L., Zhao, J., Hu, Y., Zhang, L., Fan, G., Xu, J., Gu, X., Cheng, Z., Yu, T., Xia, J., Wei, Y., Wu, W., Xie, X., Yin, W., Li, H., Liu, M., ... Cao, B. (2020). Clinical features of patients infected with 2019 novel coronavirus in Wuhan, China. The Lancet, 395(10223), 497-506. https://doi.org/10.1016/S0140-6736(20)30183-5 DOI |
33 | Investing.com. (2020). Stock Market Quotes & Financial News. Retrieved April 29, 2020, from https://www.investing.com/ |
34 | Keogh-Brown, M. R., & Smith, R. D. (2008). The economic impact of SARS: How does the reality match the predictions? Health Policy, 88(1), 110-120. https://doi.org/10.1016/j.healthpol.2008.03.003 DOI |
35 | Merton, R. C. (1973). An Intertemporal Capital Asset Pricing Model. Econometrica. https://doi.org/10.2307/1913811 |
36 | Li, Q., Guan, X., Wu, P., Wang, X., Zhou, L., Tong, Y., Ren, R., Leung, K. S. M., Lau, E. H. Y., Wong, J. Y., Xing, X., Xiang, N., Wu, Y., Li, C., Chen, Q., Li, D., Liu, T., Zhao, J., Liu, M., ... Feng, Z. (2020). Early transmission dynamics in Wuhan, China, of novel coronavirus-infected pneumonia. In New England Journal of Medicine. https://doi.org/10.1056/NEJMoa2001316 |
37 | McKibbin, W. J., & Fernando, R. (2020). The Global Macroeconomic Impacts of COVID-19: Seven Scenarios. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3547729 |