COVID-19 Pandemic and Stock Market Response: The Role of COVID-induced Fear, Investor Attention, and Firm-specific Characteristics

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-06-30 DOI:10.21315/aamj2023.28.1.13

S. Narang, R. P. Pradhan, Bhanwar Singh

引用次数: 0

Abstract

The study examines the reaction of S&P BSE 500 companies to the outbreak of the 2019 novel coronavirus (COVID-19). The impact of COVID-19 induced fear of volatility index (VIX) on stock market returns and the role of pre-pandemic firm-specific characteristics in intensifying/reducing the effect of fear on stock returns are analysed. Event study methodology and panel data approach with firm and industry-time fixed effects are employed. The results show fear of VIX plays a significant role in the downfall and subsequent recovery of the stock market. It is witnessed the role of pre-pandemic firm- specific characteristics is heterogeneous in intensifying/reducing the effect of fear on stock returns. Investor attention (Google search volume) and the growth of COVID-19 cases are also crucial to the stock market movements during the study period.

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新冠肺炎大流行和股市反应：新冠肺炎引发的恐惧、投资者注意力和公司特定特征的作用

该研究考察了标准普尔BSE 500指数成分股公司对2019年新型冠状病毒(COVID-19)爆发的反应。分析了新冠肺炎引发的波动率恐惧指数(VIX)对股票市场收益的影响，以及大流行前企业特征在加剧/减少恐惧对股票收益的影响中的作用。采用事件研究方法和面板数据方法，具有企业和行业固定效应。结果表明，对波动率指数的恐惧在股市的下跌和随后的复苏中起着重要作用。可见，大流行前企业特有特征在加剧/减少恐惧对股票收益的影响方面的作用是异质性的。投资者关注(谷歌搜索量)和COVID-19病例的增长对研究期间的股市走势也至关重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.