Schell Daniel, Wang Mei, Huynh Toan Luu Duc
WHU - Otto Beisheim School of Management, Germany.
University of Economics Ho Chi Minh City, Viet Nam.
J Behav Exp Finance. 2020 Sep;27:100349. doi: 10.1016/j.jbef.2020.100349. Epub 2020 Jun 9.
This paper studies the differences in stock market reactions to the same kind of disease-related news by analyzing abnormal returns of global stock markets during Public Health Risk Emergency of International Concern (PHEIC) announcements. Drawing the data from 26 stock market indices over the period from 22 April 2008 to 12 March 2020, we compare stock market reactions to all six PHEIC announcements made by the World Health Organization since 2009. Although the PHEIC announcements can be categorized as the same type of event, we found no consistent patterns in market reactions. The markets did not show significant reactions in a 30-day event window, which suggests a relatively low economic impact of the diseases on a global scale during this time, except for Covid-19. Among all diseases included in our study, only Covid-19 had a significant negative effect on stock markets at least lasting 30 days.
本文通过分析国际关注的突发公共卫生事件（PHEIC）公告期间全球股票市场的异常回报，研究股票市场对同类型疾病相关新闻的反应差异。我们选取了2008年4月22日至2020年3月12日期间26个股票市场指数的数据，比较了股票市场对世界卫生组织自2009年以来发布的所有六项PHEIC公告的反应。尽管PHEIC公告可归类为同一类事件，但我们发现市场反应并无一致模式。在30天的事件窗口内，市场并未表现出显著反应，这表明在此期间，除新冠疫情外，这些疾病对全球经济的影响相对较小。在我们研究的所有疾病中，只有新冠疫情对股票市场产生了至少持续30天的显著负面影响。
