特定于新冠疫情的新闻会影响股票市场流动性吗？来自日本的证据。
Does COVID-19-specific news affect stock market liquidity? Evidence from Japan.
作者信息
Yang Wurong, Watanabel Naoki, Sakawa Hideaki
机构信息
Graduate School of Economics, Nagoya City University, Nagoya, Japan.
出版信息
MethodsX. 2023 Sep 4;11:102360. doi: 10.1016/j.mex.2023.102360. eCollection 2023 Dec.
This article examines the effect of COVID-19-specific news on stock market liquidity in the Japanese Topix 500-listed firms. Our empirical analyses show that both COVID-19 confirmed cases and COVID-19-specific news induce a negative effect on stock market liquidity. These findings suggest that the effect of COVID-19-specific news on U.S. stock market liquidity [1] is robustly confirmed in Japanese firms. This study also presents recommendations derived from Narayan et al. [2], who constructed a COVID-19-specific news index using data from popular newspapers worldwide. In sum, this study presents the following:•Stock market liquidity is negatively affected by confirmed cases of COVID-19 in Japan.•The impact of COVID-19-specific news on stock market liquidity was analyzed using the OLS regression method.
本文考察了特定于新冠疫情的新闻对日本东证500指数上市公司股票市场流动性的影响。我们的实证分析表明，新冠确诊病例数和特定于新冠疫情的新闻都会对股票市场流动性产生负面影响。这些发现表明，特定于新冠疫情的新闻对美国股票市场流动性的影响[1]在日本企业中得到了有力证实。本研究还提出了源自纳拉扬等人[2]的建议，他们利用来自全球各大报纸的数据构建了一个特定于新冠疫情的新闻指数。总之，本研究呈现了以下内容：
• 日本的新冠确诊病例会对股票市场流动性产生负面影响。
• 使用OLS回归方法分析了特定于新冠疫情的新闻对股票市场流动性的影响。
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