Guven Murat, Cetinguc Basak, Guloglu Bulent, Calisir Fethi
Department of Statistics, Faculty of Arts and Sciences, Sakarya University, Esentepe Campus, Serdivan, 54050 Sakarya, Turkey.
Industrial Engineering Department, Engineering Faculty, Yalova University, 77100 Yalova, Turkey.
Res Int Bus Finance. 2022 Oct;61:101659. doi: 10.1016/j.ribaf.2022.101659. Epub 2022 Apr 14.
Since the beginning of COVID-19, human beings have been threatened by various aspects. As of February 14, 2022, this global pandemic has caused about 412 million cases and 5.8 million deaths worldwide. Stock markets are one of the most agile economic indicators. In this context, this study investigates how daily growth in deaths, daily growth in cases, and governmental interventions affect stock market returns in 21 emerging economies from January 22 to December 31, 2020. Our results indicate that government response policies to Covid-19 positively impact stock returns. Besides, the daily growths in deaths and cases negatively affect stock market returns. The results also indicate that government response policies also have an indirect positive effect on stock market returns by weakening the negative impact of the daily growth in COVID-19 confirmed cases and deaths.
自新冠疫情开始以来，人类在各个方面都受到了威胁。截至2022年2月14日，这场全球大流行已在全球造成约4.12亿例病例和580万例死亡。股票市场是最灵敏的经济指标之一。在此背景下，本研究调查了2020年1月22日至12月31日期间，死亡人数的每日增长、病例数的每日增长以及政府干预措施如何影响21个新兴经济体的股票市场回报。我们的结果表明，政府对新冠疫情的应对政策对股票回报产生了积极影响。此外，死亡人数和病例数的每日增长对股票市场回报产生负面影响。结果还表明，政府应对政策通过削弱新冠确诊病例和死亡人数每日增长的负面影响，也对股票市场回报产生间接的积极影响。
