RETRACTED ARTICLE: Does stock market development and COVID-19 pandemic lead to financial crisis: the case of largest Islamic stock exchange market?

Gherbi, Elhachemi Abdelkader Hacine; Alsedrah, Ibrahim Tawfeeq

doi:10.1080/20430795.2021.1896987

Cited by 8 publications

(3 citation statements)

References 26 publications

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“…Covid-19 also identified has an impact on the global financial markets, resulting in a drop in global stocks, oil, bonds, and equities as well as banking (Baret et al, 2020). The ARDL model was applied by Gherbi & Alsedrah (2021) utilising monthly Saudi Arabian data from January 2018 to October 2020. The findings indicated that Covid-19 has a short-term impact on the financial crisis.…”

Section: Covid-19 and Its Effect On Emh Anomaliesmentioning

confidence: 99%

An Investigation of the Effect of Covid-19 on Efficient Market Hypothesis (EMH) Anomalies: Econometric Approach

Widodo

2024

JSEB

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The research aims to analyze the influence of the Covid-19 crisis on changes in the daily return pattern of the LQ45 Index, and to see whether the daily return pattern of the LQ45 Index is efficient as argued by the EMH (Efficient Market Hypothesis). The observation period was before and during Covid 19. Data analysis used an econometric approach to test any EMH anomalies, as well as running the ARCH-GARCH model due to the use of dummy variables. The analysis results show that Covid-19 has no effect on the daily return pattern of LQ45, The Week Four effect is proven, but The Day of Week effect, Monday effect and Weekend effect are not found. Another finding that the trading day anomaly testing model is sensitive to the error term distribution, also suggests that good news or bad news in volatility not only depends on the asymmetric model but also the choice of error term distribution.

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Section: Covid-19 and Its Effect On Emh Anomaliesmentioning

confidence: 99%

An Investigation of the Effect of Covid-19 on Efficient Market Hypothesis (EMH) Anomalies: Econometric Approach

Widodo

2024

JSEB

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“…Indeed, COVID-19 could cause damage similar to the 1929 catastrophe in the form of stagpression, in which recessions overlapped depressions, resulting in structural economic collapse (Estrada et al , 2021). In Saudi Arabia, Hacine Gherbi and Alsedrah (2021) found that the COVID-19 pandemic leads to financial crisis, which may be eased in the long term by increasing trading liquidity. Less frequent trading in the short term was because the investors continue to retain their investment for fear (Alsedrah and Hacine Gherbi, 2021).…”

Section: Literature Reviewmentioning

confidence: 99%

What happens to the stock market during the COVID-19 pandemic? A systematic literature review

Anggraini

Utami

Wulandari

2022

PAR

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Purpose This study aims to evaluate papers that discuss the stock market during the COVID-19 pandemic to discover lessons that may be beneficial for coping with similar situations in the future. Design/methodology/approach This study used the review procedures following Hoque (2014) with modifications, including co-words analysis to map themes. The articles to be reviewed were identified by entering the search keywords “capital market” AND “Covid” and “stock market” AND “Covid” in the Scopus database. After applying a set of criteria, 89 articles were used in the subsequent analysis. The country setting and study findings are recognized, and the lessons learned are further determined. Findings As COVID-19 has been designated a global pandemic by the WHO, and its impact is seen in many countries, the setting adopted by many researchers includes two or more countries (i.e., “International”). Six clusters of themes are identified, namely, market responses, spillover/contagion, investor sentiment, investor herding, policy and asset intensity. In this way, the lessons gained cover several stock market elements, including the market, industry, investors, government and companies. Originality/value Given the importance of understanding the COVID-19 pandemic and the relevance of the stock market in indicating its severity, to the best of the authors’ knowledge, there has been no literature review research on the stock market during COVID-19. Furthermore, this study also defines what lessons can be drawn.

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“…Selain menimbulkan ketidakstabilan pasar modal, wabah Covid-19 telah mempengaruhi perekonomian Indonesia secara menyeluruh, meningkatkan ketidakstabilan politik dan ekonomi, pertumbuhan ekonomi yang menurun, nilai tukar rupiah yang melemah, pengangguran dan harga komoditas yang tinggi. Beberapa penelitian telah dilakukan dalam mengetahui dampak Covid-19 terhadap pasar modal di beberapa negara (Hacine Gherbi & Alsedrah, 2021;Melania Angesti & Setyadharma, 2022;Slamet Rusydiana & Prakoso, 2021;ERDOĞAN et al, 2020). Beberapa penelitian menunjukkan bahwa Covid-19 telah menurunkan indeks harga saham dalam pasar modal syariah (Slamet Rusydiana & Prakoso (2021); Hacine Gherbi & Alsedrah (2021); Melania Angesti & Setyadharma(2022)).…”

Section: Pendahuluanunclassified

Analisis Pengaruh Covid-19 dan Makroekonomi Terhadap Jakarta Islamic Index (JII)

Jahidah

2022

IJSM

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The Covid-19 pandemic has caused instability in the capital market, including the Islamic capital market, such as the Jakarta Islamic Index (JII). Besides Covid-19, macroeconomic factors can also influence the level of investment in the Islamic capital market. The data used is monthly time series data from March 2017 to March 2022, using the Vector Error Correction Model (VECM) method. This method aims to analyze the relationship between Covid-19 and macroeconomic factors to the Jakarta Islamic Index (JII) in the short and long term. Based on the research, in the short and long term period, Covid-19 variable significantly affect the JII index. On the other hand, the variables that significantly affected JII in the long term are the money supply which is, positively significant, and inflation negative significant.

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RETRACTED ARTICLE: Does stock market development and COVID-19 pandemic lead to financial crisis: the case of largest Islamic stock exchange market?

Cited by 8 publications

References 26 publications

An Investigation of the Effect of Covid-19 on Efficient Market Hypothesis (EMH) Anomalies: Econometric Approach

An Investigation of the Effect of Covid-19 on Efficient Market Hypothesis (EMH) Anomalies: Econometric Approach

What happens to the stock market during the COVID-19 pandemic? A systematic literature review

Analisis Pengaruh Covid-19 dan Makroekonomi Terhadap Jakarta Islamic Index (JII)

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