Stock market under the global pandemic of COVID-19: Evidence from Tunisia

Ayed, Wassim Ben; Medini, Fatma; Lamouchi, Rim Ammar

doi:10.2139/ssrn.3598726

Cited by 2 publications

(4 citation statements)

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“…In this context, the COVID-19 pandemic has not spared North African countries (Alber and Arafa, 2020;Ben Ayed and Lamouchi, 2020;Mdaghri et al, 2020). Indeed, it affected MENA economies through disruptions in oil prices, tourism, travel and the value chain (Arezki and Nguyen, 2020).…”

Section: Introductionmentioning

confidence: 99%

“…The Tunisian authorities also launched the COVID-19 vaccination campaign. All these measures significantly impacted the Tunisian household welfare (Kokas et al, 2020;Alfani et al, 2021), the economy (ElKadhi et al, 2020;Fridhi, 2020) and the financial market (Ben Ayed and Lamouchi, 2020;Fakhfekh et al, 2021). According to the African Development Bank (2021), the real GDP contracted by 8.8% in 2020 after an increase of 1%.…”

Section: Introductionmentioning

confidence: 99%

“…In this context, the COVID-19 pandemic has not spared North African countries (Alber and Arafa, 2020; Ben Ayed and Lamouchi, 2020; Mdaghri et al. , 2020).…”

Section: Introductionmentioning

confidence: 99%

“…, 2021), the economy (ElKadhi et al. , 2020; Fridhi, 2020) and the financial market (Ben Ayed and Lamouchi, 2020; Fakhfekh et al. , 2021).…”

Section: Introductionmentioning

confidence: 99%

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The Tunisian stock market before invoking Article 80 of the Constitution: the (in)direct impact of government interventions during the sanitary crisis

Ayed

2022

JBSED

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PurposeThe purpose of this study is to investigate the impact of government policies adopted by the Tunisian government to cope with the COVID-19 sanitary crisis on stock market return.Design/methodology/approachThe author uses daily data from March 2, 2020, to July 23, 2021.FindingsThe author finds that policies interventions have a negative impact on Tunisia's stock market, particularly stock market returns due to stringency, confinement and health measures. Also, Government announcements regarding economic has a negative impact on Tunisia's stock market but this impact is insignificant. By conducting an additional analysis, the author shows that the government interventions policies amplify the negative effect of COVID-19 on stock returns.Research limitations/implicationsThese results will be useful for policy authorities seeking to consider the advantages and drawbacks of government measures. Finally, a legislative proposal about the audit of public debt should be included in the Constitution to spur Tunisia's economic and social recovery.Originality/valueThis study contributes to the related literature in two ways: First, it is the first study to examine the impact of government actions on stock market performance. Second, it bridges a gap in the literature by investigating the case of Tunisia, because most studies focus on developed and emerging economies.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

“…In this context, the COVID-19 pandemic has not spared North African countries (Alber and Arafa, 2020; Ben Ayed and Lamouchi, 2020; Mdaghri et al. , 2020).…”

Section: Introductionmentioning

confidence: 99%

“…, 2021), the economy (ElKadhi et al. , 2020; Fridhi, 2020) and the financial market (Ben Ayed and Lamouchi, 2020; Fakhfekh et al. , 2021).…”

Section: Introductionmentioning

confidence: 99%

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