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Author
Angosto-Fernández Pedro Luis (Universidad Miguel Hernández de Elche), Ferrández-Serrano Victoria (Universidad Miguel Hernández de Elche)
Title
World Capital Markets Facing the First Wave of COVID-19: Traditional Event Study versus Sensitivity to New Cases
Source
Economics and Business Review, 2022, vol. 8 (22), nr 4, s. 5-38, rys., tab., bibliogr. 50 poz.
Keyword
Rynki finansowe, Badania zdarzeń, COVID-19, Pandemia, Stopa zwrotu akcji
Financial markets, Event studies, COVID-19, Pandemic, Stock rate of returns
Note
JEL Classification: G01, G14, G15, F65, C32
summ.
Abstract
The aim of the paper is to analyse the impact of the new coronavirus on financial markets. The sample comprises returns from 80 countries, across all regions and incomes for the period known as the first wave. By combining event study methodology and time series analysis of new COVID-19 cases it is found that the negative price effect is widespread but unequal across regions. It is also noted that the distribution of the impact is also uneven with a high concentration in the week after the first local case but especially in the weeks around the pandemic declaration. Finally, it has been shown at different levels how the markets most affected by the crisis are not necessarily the most sensitive to the virus. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
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ISSN
2392-1641
Language
eng
URI / DOI
http://dx.doi.org/10.18559/ebr.2022.4.2
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