{"title":"COVID-19 和政策不确定性对股市的影响：来自印度的证据","authors":"Masudul Hasan Adil, Salman Haider","doi":"10.1108/ijse-03-2023-0244","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The present study empirically examines the impact of coronavirus disease 2019 (COVID-19) and policy uncertainty on stock prices in India during the COVID-19 pandemic.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>To this end, the authors use the daily data by applying the autoregressive distributed lag (ARDL) model, which tests the short- and long-run relationship between stock price and its covariates.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The study finds that increased uncertainty has adverse short- and long-run effects on stock prices, while the vaccine index has favorable effects on stock market recovery.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>From investors' perspectives, volatility in the Indian stock market has negative repercussions. Therefore, to protect investors' sentiments, policymakers should be concerned about the uncertainty induced by the COVID-19 pandemic and similar other uncertainty prevailing in the financial markets.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This study used the news-based COVID-19 index and vaccine index to measure recent pandemic-induced uncertainty. The result carries some policy implications for an emerging economy like India.</p><!--/ Abstract__block -->\n<h3>Peer review</h3>\n<p>The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0244</p><!--/ Abstract__block -->","PeriodicalId":47714,"journal":{"name":"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS","volume":"11 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"On the effect of COVID-19 and policy uncertainty on the stock market: evidence from India\",\"authors\":\"Masudul Hasan Adil, Salman Haider\",\"doi\":\"10.1108/ijse-03-2023-0244\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>The present study empirically examines the impact of coronavirus disease 2019 (COVID-19) and policy uncertainty on stock prices in India during the COVID-19 pandemic.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>To this end, the authors use the daily data by applying the autoregressive distributed lag (ARDL) model, which tests the short- and long-run relationship between stock price and its covariates.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The study finds that increased uncertainty has adverse short- and long-run effects on stock prices, while the vaccine index has favorable effects on stock market recovery.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>From investors' perspectives, volatility in the Indian stock market has negative repercussions. Therefore, to protect investors' sentiments, policymakers should be concerned about the uncertainty induced by the COVID-19 pandemic and similar other uncertainty prevailing in the financial markets.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This study used the news-based COVID-19 index and vaccine index to measure recent pandemic-induced uncertainty. The result carries some policy implications for an emerging economy like India.</p><!--/ Abstract__block -->\\n<h3>Peer review</h3>\\n<p>The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0244</p><!--/ Abstract__block -->\",\"PeriodicalId\":47714,\"journal\":{\"name\":\"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS\",\"volume\":\"11 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2023-12-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ijse-03-2023-0244\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ijse-03-2023-0244","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
On the effect of COVID-19 and policy uncertainty on the stock market: evidence from India
Purpose
The present study empirically examines the impact of coronavirus disease 2019 (COVID-19) and policy uncertainty on stock prices in India during the COVID-19 pandemic.
Design/methodology/approach
To this end, the authors use the daily data by applying the autoregressive distributed lag (ARDL) model, which tests the short- and long-run relationship between stock price and its covariates.
Findings
The study finds that increased uncertainty has adverse short- and long-run effects on stock prices, while the vaccine index has favorable effects on stock market recovery.
Practical implications
From investors' perspectives, volatility in the Indian stock market has negative repercussions. Therefore, to protect investors' sentiments, policymakers should be concerned about the uncertainty induced by the COVID-19 pandemic and similar other uncertainty prevailing in the financial markets.
Originality/value
This study used the news-based COVID-19 index and vaccine index to measure recent pandemic-induced uncertainty. The result carries some policy implications for an emerging economy like India.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0244
期刊介绍：
The International Journal of Social Economics publishes original and peer-reviewed theoretical and empirical research in the field of social economics. Its focus is on the examination and analysis of the interaction between economic activity, individuals and communities. Social economics focuses on the relationship between social action and economies, and examines how social and ethical norms influence the behaviour of economic agents. It is inescapably normative and focuses on needs, rather than wants or preferences, and considers the wellbeing of individuals in communities: it accepts the possibility of a common good rather than conceiving of communities as merely aggregates of individual preferences and the problems of economics as coordinating those preferences. Therefore, contributions are invited which analyse and discuss well-being, welfare, the nature of the good society, governance and social policy, social and economic justice, social and individual economic motivation, and the associated normative and ethical implications of these as they express themselves in, for example, issues concerning the environment, labour and work, education, the role of families and women, inequality and poverty, health and human development.
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