Covid-19对股票市场指数的影响:来自科伦坡证券交易所的证据

IF 0.6 Q4 ECONOMICS

South Asian Journal of Macroeconomics and Public Finance Pub Date : 2023-07-04 DOI:10.4038/sajf.v3i1.52

A. Adikari, H. Buddhika

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引用次数: 0

摘要

目的:本研究旨在解决“Covid-19大流行对科伦坡证券交易所股票市场指数的影响”这一问题。这将有助于潜在和现有投资者了解大流行期间股票市场的行为，以便做出有效的长期决策，因为目前针对斯里兰卡的研究很少。设计/方法/方法:执行了一个对数线性多元回归模型，将因变量(所有股价指数和标准普尔SL 20指数)与自变量、每日新病例和死亡报告、实施的财政和货币政策措施以及在此期间实施的全岛旅行限制进行回归，以分析2019冠状病毒病对金融市场的影响，从2020年1月27日到2021年4月30日，涵盖了两波大流行。调查结果:回归分析显示，股票指数与每日病例数和死亡人数呈正相关，与该期间实施的旅行限制呈正相关。斯里兰卡政府实施的政策措施对指数变动影响不大。根据本研究的结果，在大流行期间发现了对股票指数的积极影响;因此，投资者应避免恐慌性撤出市场。独创性:这是为数不多的根据斯里兰卡情况分析2019冠状病毒病大流行期间股市表现的研究之一。研究中采用的变量可以涵盖流行病情况的各个方面。

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Impact of Covid-19 on Stock Market Indices: Evidence from Colombo Stock Exchange

Purpose: The study intends to address the question, “What is the impact of the Covid-19 pandemic on stock market indices in the Colombo Stock Exchange”. This would support potential and existing investors to understand the behaviour of the stock market during the pandemic to make effective long-term decisions since there are only a few studies currently available in Sri Lankan context.Design/Methodology/Approach: A log-linear multiple regression model was executed whereby the dependent variables, All Share Price Index and S&P SL 20 index, were regressed against independent variables, daily new cases and deaths reported, fiscal and monetary policy measures implemented, and island-wide travel restrictions imposed during the period to analyze the impact of Covid-19 on the financial market over 270 days, from 27th January 2020 to 30th April 2021, covering two waves of the pandemic.Findings: The regression analysis revealed a positive relationship between the stock indices and the number of daily cases and deaths and a negative relationship with the travel restrictions imposed during the period. The policy measures implemented by the Government of Sri Lanka were insignificant in the index movements. Based on the results of this study, a positive impact on the stock indices was discovered during the pandemic; hence investors should refrain from panic withdrawals from the market.Originality: This is among the few studies to analyze the stock market performance during the Covid-19 pandemic adapted to the Sri Lankan context. The variables taken in the study can cover various aspects of the pandemic situation.

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来源期刊

South Asian Journal of Macroeconomics and Public Finance ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： The purpose of the Journal is to publish (in English language) peer-reviewed articles, reviews and scholarly comments on issues relating to contemporary global macroeconomics and public finance by which is understood: The Journal is for all professionals concerned with contemporary Macroeconomics and Public Finance and is a forum for all views on related subjects. The Editorial Board welcomes articles of current interest on research and application on the areas mentioned above. The Journal will be international in the sense that it seeks research papers from authors with an international reputation and articles that are of interest to an international audience. In pursuit of the above, the journal shall: a. draw on and include high quality work from the international community of scholars including those in the major countries of Asia, Europe, Asia Pacific, the United States, other parts of the Americas and elsewhere with due representation for considerations of the readership. The Journal shall include work representing the major areas of interest in contemporary research on Macroeconomics and Public Finance and on a wide range of issues covering macro- economics, tax and fiscal issues, banking and finance, international trade, labour economics, computational and mathematical methods, etc. The Journal would particularly engage papers on pure and applied economic theory and econometric methods. b. avoid bias in favour of the interests of particular schools or directions of research or particular political or narrow disciplinary objectives to the exclusion of others. c. ensure that articles are written in a terminology and style which makes them intelligible, not merely within the context of a particular discipline or abstract mode, but across the domain of relevant disciplines.