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Immune or at-risk? stock markets and the significance of the COVID-19 pandemic

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dc.contributor.author O'Donnell, Niall
dc.contributor.author Shannon, Darren
dc.contributor.author Sheehan, Barry
dc.date.accessioned 2021-03-03T11:34:03Z
dc.date.available 2021-03-03T11:34:03Z
dc.date.issued 2021
dc.identifier.uri http://hdl.handle.net/10344/9839
dc.description peer-reviewed en_US
dc.description.abstract The closure of borders and traditional commerce due to the COVID-19 pandemic is expected to have a lasting financial impact. We determine whether the growth in COVID-19 affected index prices by examining equity markets in five regional epicentres, along with a ‘global’ index. We also investigate the impact of COVID-19 after controlling for investor sentiment, credit risk, liquidity risk, safe-haven asset demand and the price of oil. Despite controlling for these traditional market drivers, the daily totals of COVID-19 cases nevertheless explained index price changes in Spain, Italy, the United Kingdom and the United States. Similar results were not observed in China, the origin of the virus, nor in the ‘global’ index (MSCI World). Our results suggest that early interventions (China) and the spatiotemporal nature of pandemic epicentres (World) should be considered by governments, regulators and relevant stakeholders in the event of future COVID-19 ‘waves’ or further extreme societal disruptions en_US
dc.language.iso eng en_US
dc.publisher Elsevier en_US
dc.relation.ispartofseries Journal of Behavioral and Experimental Finance;30, 10047
dc.subject COVID-19 en_US
dc.subject Equity index prices en_US
dc.subject Financial markets en_US
dc.title Immune or at-risk? stock markets and the significance of the COVID-19 pandemic en_US
dc.type info:eu-repo/semantics/article en_US
dc.type.supercollection all_ul_research en_US
dc.type.supercollection ul_published_reviewed en_US
dc.identifier.doi 10.1016/j.jbef.2021.100477
dc.rights.accessrights info:eu-repo/semantics/openAccess en_US
dc.internal.rssid 2989380


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