ArticleHeliyon2024
How does Chinese stock market react to breaking news about COVID-19? Evidence from event study.
Article in Heliyon, 2024. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Not yet cited in PubMed.
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.
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.
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Who cites it
0 citing papers in PubMed.
No citing paper in PubMed yet.
Corrections and comments
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Authors and funding
2 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
Although the COVID-19 pandemic is no longer considered a public health emergency of international concern, research is ongoing to determine whether and how financial markets have been affected. Using an event study methodology, we examine Chinese stock reactions to breaking news about COVID-19 during 2020-2023, covering nine important events from the first declaration of the novel coronavirus to classifying COVID-19 from top category A to B in China. The empirical results show that the Chinese stock market reacts negatively to bad news, such as the breakout of COVID-19 and the dynamic zero-COVID strategy, and positively to good news, such as COVID-19 vaccine approvals, ending the zero-COVID strategy, and reopening boards. The overall intensity of reactions to bad news is stronger than that to good news. Small-sized stocks react more positively to good news and more negatively to bad news. Different industries have different reactions to different events; however, the sector that responds strongly and negatively to bad news does not have to respond strongly and positively to good news, which, to some extent, reflects their profitability performance during the pandemic. In China, consumer discretionary, utilities and real estate are the most negatively affected by the pandemic, while materials, health care, and energy are the most positively affected. This study has important implications for reminding market participants to pay attention to breaking news announcements about COVID-19.
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Registered trials
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