COVID-19 Pandemic and Stock Market Response: A Culture Effect

Fernández-Pérez, Adrián; Gilbert, Aaron; Indriawan, Ivan; Nguyen, Nhut H.

doi:10.2139/ssrn.3620524

Cited by 28 publications

(35 citation statements)

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“…Fourth, enlightened by Fernandez-Perez et al (2021) , which states that culture has a deep influence on the way of investors’ response to the pandemic, we examine how individualism/collectivism affects our benchmark pattern. We use the Individualism Index to measure the extent of individualism within a country.…”

Section: Empirical Analysismentioning

confidence: 99%

Cryptocurrency price discrepancies under uncertainty: Evidence from COVID-19 and lockdown nexus

Chen

Qin

Zhang

2022

Journal of International Money and Finance

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Section: Empirical Analysismentioning

confidence: 99%

Cryptocurrency price discrepancies under uncertainty: Evidence from COVID-19 and lockdown nexus

Chen

Qin

Zhang

2022

Journal of International Money and Finance

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“…As stated by Ashraf (in press), such uncertainty will influence the financial markets as well since it will become more difficult to make predictions about the asset prices. Accordingly, negative stock returns have been found in the stock markets around the world as a result of this uncertainty documented in the works of Al-Awadhi et al (2020), Ashraf (2020), Chia et al (2020), Khan et al (2020), andFernandez-Perez et al (2021).…”

Section: Introductionmentioning

confidence: 98%

How Borsa Istanbul (Bist) Reacts to the Novel Coronavirus: The Covid-19 Case

ÖNER

2021

JRB

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The purpose of this study is to investigate the response of the Turkish stock market to the novel coronavirus pandemic. To probe the issue, a dataset based on a total of 23 selected Borsa Istanbul (BIST) subindices of BIST Industrials, Services, and Financial indices for the period between 20 March, 2020 and 31 December, 2020 is utilized together with the growth in the weekly numbers of COVID-19 new cases and deaths both for Turkey and the world. A total of four models are run using panel data analysis on 943 index-week observations. The results of the one-way random effects models with time effects reveal that BIST indices react negatively to the growth in weekly COVID-19 new case and death numbers for both Turkey and the world. Further findings as to the control variables show that while Credit Default Swap (CDS) figures reduce selected stock index returns, Chicago Board Options Exchange Volatility Index figures known as Fear Index (VIX) are found to increase them during the observation period.

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“…To the best of our knowledge, there are only several studies considering the market-level immunity. These include Ashraf (2020c) and Fernandez-Perez et al (2020), who examine the role of national cultures, Iyke (2020b) exploring the importance of foreign exchange rates, Erdem (2020) scrutinizing different political regimes, or Phan and Narayan (2020) and Narayan et al (2020) who check the effect government policies.…”

Section: Introductionmentioning

confidence: 99%