Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns

Abdullah M. Al-Awadhi, Khaled Alsaifi, Ahmad Al-Awadhi and Salah Alhammadi

Journal of Behavioral and Experimental Finance, 2020, vol. 27, issue C

Abstract: This study investigates whether contagious infectious diseases affect stock market outcomes. As a natural experiment, we use panel data analysis to test the effect of the COVID-19 virus, which is a contagious infectious disease, on the Chinese stock market. The findings indicate that both the daily growth in total confirmed cases and in total cases of death caused by COVID-19 have significant negative effects on stock returns across all companies.

Keywords: Stock returns; COVID-19 (search for similar items in EconPapers)
JEL-codes: C23 G10 G14 G15 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (378)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:27:y:2020:i:c:s2214635020300800

DOI: 10.1016/j.jbef.2020.100326

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