How does Covid-19 affect global equity markets?  

作　　者：Eddie C.M.Hui Ka Kwan Kevin Chan 

机构地区：[1]ZN744,Department of Building and Real Estate,The Hong Kong Polytechnic University,Hung Hom,Hong Kong,China

出　　处：《Financial Innovation》2022年第1期624-642,共19页金融创新（英文）

摘　　要：This study applies OLS,panel regression and Granger causality test to investigate the impact of the Coronavirus disease 2019(Covid-19)outbreak on the global equity markets during the early stage of the pandemic.We find that the Covid-19 outbreak has a significant negative impact on the overall equity index return of the eight economies even at 0.1%significance level.Furthermore,the pandemic has a more significant impact on the European countries than on the East Asian economies.The results have three main implications.Firstly,policy makers should react fast to mitigate the impact of a crisis.Secondly,investors should be aware of an outbreak of disease or other risks and adjust their investments accordingly.Furthermore,the Covid-19 outbreak results in a shift of power from the west to the east.

关 键 词：Covid-19 Confirmed cases Panel regression Equity index 

分 类 号：F832.5[经济管理—金融学]