Evidence map›Paper›PMID 33518845›Full record

ArticleJournal of economics and business

How do equity markets react to COVID-19? Evidence from emerging and developed countries.

Maretno Agus Harjoto, Fabrizio Rossi, Robert Lee, Bruno S Sergi

Open access · greenAbstract read
In one paragraph

Article in Journal of economics and business. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 24 papers.

0numbers the graph read from it
0cells of the map it votes in
24citing papers in PubMed
42.1field-weighted citation impact, top 1% of its field
1 · What the graph read from it

What it found

Each row is one number read from the abstract, on the scale the paper reported it, with its interval. Left of the dashed line favours the treatment, right favours the comparator. Under each row is the sentence it came from. New to these charts? A ten-minute tutorial.

The abstract states no effect estimate the extractor could read, or names no intervention and outcome on the map, so this paper lights no cell and moves no belief. It is still indexed, cited and linked below.

2 · The registry

The trial behind it

Trials whose registry record cites this paper, or whose number appears in the abstract. A trial that started after this paper was published is citing it as background, not reporting it.

Neither the registry nor the abstract names a trial number. If this is a trial report, that itself is worth knowing.

3 · Its place in the literature

Who cites it

24 citing papers in PubMed, 198 citations in OpenAlex.

  1. Article
  2. Article
  3. Article
  4. Article
  5. COVID-19 and finance scholarship: A systematic and bibliometric analysis.International review of financial analysis · 2023
    Article
  6. Article
  7. The sum of all SCARES COVID-19 sentiment and asset return.The Quarterly review of economics and finance : journal of the Midwest Economics Association · 2022
    Article
  8. Article
  9. Article
  10. Article
  11. Article
  12. Article
  13. Article
  14. Article
  15. Article
  16. Article
  17. Article
  18. Article
  19. Article
  20. Article
4 · The record

Corrections and comments

PubMed lists nothing against this paper. Absence here is not a guarantee, only a check that was made.

5 · Who and what money

Authors and funding

4 authors at 3 institutions in 2 countries.

Maretno Agus HarjotoPepperdine Graziadio Business School, Pepperdine University, 24255 Pacific Coast Highway, Malibu, CA, 90263, USA.
Fabrizio RossiDepartment of Electrical and Information Engineering, University of Cassino and Southern Lazio, Via G. Di Biasio 43, Cassino, FR, 03043, Italy.
Robert LeePepperdine Graziadio Business School, Pepperdine University, 24255 Pacific Coast Highway, Malibu, CA, 90263, USA.
Bruno S SergiHarvard University & University of Messina, Italy.
Pepperdine University · USUniversità degli studi di Cassino e del Lazio Meridionale · ITUniversity of Messina · IT

Funding

No grant is acknowledged in the PubMed record.

6 · The paper itself

Abstract

Based on the supply of stock market returns hypothesis, we argue that the unprecedented adverse shock of COVID-19 on the countries' economic growth translates into a negative shock to the stock markets. According to the institutional theory, we also argue that the impact of COVID-19 in emerging countries is different from developed countries. Based on the overreaction hypothesis, we expect that the market reaction during the stabilizing period of COVID-19 spread is different from the market reaction during the infection period. Using high-frequency daily data across 53 emerging and 23 developed countries from January 14 to August 20, 2020, we find that COVID-19 cases and deaths adversely affect stock returns and increase volatility and trading volume. Cases and deaths affected stock returns and volatility in the emerging markets, while only cases of COVID-19 affected stock returns, volatility, and trading volume in the developed markets. COVID-19 cases and deaths are related to returns, volatility, and trading volume for emerging countries during the rising infection of COVID-19 (pre-April 2020), while cases and mortality rates are related to returns, volatility, and trading volume in developed countries during the stabilizing spread (post-April 2020). Therefore, the emerging markets' investors seem to react to COVID-19 cases and mortality rates differently from those in the developed markets across two different periods of COVID-19 infection.

Indexed as

COVID-19Daily cases and deathsEmerging and developed countriesStock returnTrading volumeVolatility

Identifiers

PMID33518845
PMCPMC7834385
OpenAlexW3109659625

What OpenQuestion holds

Textmetadata
Read underepoch 390

Registered trials

None linked

Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.