股市对Covid-19的反应:病例还是死亡

Badar Nadeem Ashraf
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引用次数: 65

摘要

在本文中,我们考察了股票市场对COVID-19大流行的反应。利用2020年1月22日至2020年4月17日期间64个国家的每日COVID-19确诊病例和死亡病例以及股市回报数据,我们发现股市对COVID-19确诊病例的增长呈负反应。也就是说,随着确诊病例的增加,股市回报率下降。我们进一步发现,与死亡人数的增长相比,股票市场对确诊病例数量增长的反应更为积极。我们的分析还表明,在确诊病例出现的早期以及最初确诊病例出现后的40至60天内,市场的负面反应非常强烈。总体而言,我们的研究结果表明,股市对COVID-19大流行的反应很快,这种反应会随着时间的推移而变化,具体取决于疫情的阶段。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Stock Markets’ Reaction to Covid-19: Cases or Fatalities
In this paper, we examine the stock markets’ response to the COVID-19 pandemic. Using daily COVID-19 confirmed cases and deaths and stock market returns data from 64 countries over the period January 22, 2020 to April 17, 2020, we find that stock markets responded negatively to the growth in COVID-19 confirmed cases. That is, stock market returns declined as the number of confirmed cases increased. We further find that stock markets reacted more proactively to the growth in number of confirmed cases as compared to the growth in number of deaths. Our analysis also suggests negative market reaction was strong during early days of confirmed cases and then between 40 to 60 days after the initial confirmed cases. Overall, our results suggest that stock markets quickly respond to COVID-19 pandemic and this response varies over time depending on the stage of outbreak.
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