市场流动性
事件研究
货币经济学
库存(枪支)
股票市场
2019年冠状病毒病(COVID-19)
严重急性呼吸综合征冠状病毒2型(SARS-CoV-2)
货币政策
事件(粒子物理)
预测能力
大流行
经济
业务
计量经济学
古生物学
病理
传染病(医学专业)
哲学
工程类
疾病
背景(考古学)
认识论
生物
马
机械工程
医学
作者
Kim J. Heyden,Thomas Heyden
标识
DOI:10.1016/j.frl.2020.101745
摘要
• We investigate short-term stock market reactions during the COVID-19 pandemic. • Stocks react significantly negatively to the announcement of the first death. • Stock markets react negatively to country-specific fiscal policy measures. • Monetary measures have the power to calm markets. We study the short-term market reactions of US and European stocks during the beginning of the COVID-19 pandemic. Employing an event study, we document that stocks react significantly negatively to the announcement of the first death in a given country. While our results suggest that the announcements of country-specific fiscal policy measures negatively affect stock returns, monetary policy measures have the potential to calm markets. These reactions are either intensified or lessened by firm-specific characteristics such as tangible assets, liquidity, and institutional holdings.
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