ArticleFinancial innovation2022
Investor sentiments and stock markets during the COVID-19 pandemic.
Article in Financial innovation, 2022. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 9 papers.
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Who cites it
9 citing papers in PubMed.
- Multimodal property video neuroanalytics.Scientific reports · 2025Article
- Market resilience of orthopaedic hip/knee arthroplasty sales during COVID-19.Archives of orthopaedic and trauma surgery · 2024Article
- Decoding Investor Sentiments in the Indian Stock Market: A Structural Equation Modelling Approach.F1000Research · 2024Article
- Dynamic analysis and optimal control of a stochastic investor sentiment contagion model considering sentiments isolation with random parametric perturbations.Scientific reports · 2023Article
- Effects of the first wave of COVID-19 pandemic on implied stock market volatility: International evidence using a google trend measure.Journal of economic asymmetries · 2023Article
- Article
- Firms' exposures on COVID-19 and stock price crash risk: Evidence from China.Finance research letters · 2023Article
- Article
- COVID-19 and tourism sector stock price in Spain: medium-term relationship through dynamic regression models.Financial innovation · 2023Article
Corrections and comments
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Authors and funding
4 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
This study examines the relationship between positive and negative investor sentiments and stock market returns and volatility in Group of 20 countries using various methods, including panel regression with fixed effects, panel quantile regressions, a panel vector autoregression (PVAR) model, and country-specific regressions. We proxy for negative and positive investor sentiments using the Google Search Volume Index for terms related to the coronavirus disease (COVID-19) and COVID-19 vaccine, respectively. Using weekly data from March 2020 to May 2021, we document significant relationships between positive and negative investor sentiments and stock market returns and volatility. Specifically, an increase in positive investor sentiment leads to an increase in stock returns while negative investor sentiment decreases stock returns at lower quantiles. The effect of investor sentiment on volatility is consistent across the distribution: negative sentiment increases volatility, whereas positive sentiment reduces volatility. These results are robust as they are corroborated by Granger causality tests and a PVAR model. The findings may have portfolio implications as they indicate that proxies for positive and negative investor sentiments seem to be good predictors of stock returns and volatility during the pandemic.
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Registered trials
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.