Fernandez-Perez Adrian, Gilbert Aaron, Indriawan Ivan, Nguyen Nhut H
Department of Finance, Auckland University of Technology, 42 Wakefield Street, Auckland Central 1010, New Zealand.
J Behav Exp Finance. 2021 Mar;29:100454. doi: 10.1016/j.jbef.2020.100454. Epub 2020 Dec 29.
National culture has been shown to impact the way investors, firm managers, and other financial market participants respond to crisis. To date, however, none has looked at the impact of culture on market responses to disasters. This paper is the first to address the effect of national culture on stock market responses to a global health disaster. We find larger declines and greater volatilities for stock markets in countries with lower individualism and higher uncertainty avoidance during the first three weeks after a country's first COVID-19 case announcement. Our results are robust after controlling for investor fear, cumulative infected cases, the stringency of government response policies, the level of democracy, political corruption, and the 2003 SARS experience, among others.
已有研究表明，民族文化会影响投资者、公司经理及其他金融市场参与者应对危机的方式。然而，迄今为止，尚无研究探讨文化对市场应对灾难的影响。本文首次探讨民族文化对股票市场应对全球健康灾难的影响。我们发现，在一个国家首次公布新冠疫情病例后的前三周内，个人主义程度较低且不确定性规避程度较高的国家，其股票市场的跌幅更大，波动性也更强。在控制了投资者恐慌情绪、累计感染病例数、政府应对政策的严格程度、民主水平、政治腐败以及2003年非典疫情经历等因素后，我们的研究结果依然稳健。
