What is it about?
In this article we measure how capital markets in almost all countries of the world reacted to COVID-19. In addition, we detail the reaction with an analysis by region. Finally, you will also be able to see what differences exist between analysing this crisis through a survey event (a classic in finance) or through the time series of confirmed cases provided by countries.
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Why is it important?
COVID-19 is a milestone in recent history. For financial markets, it is a perfect natural experiment, we have the occasion to observe how a purely exogenous shock hits the world economy. This article is important because it differentiates which markets suffered most from the consequences (to be taken into account in future events), but also because it proposes a debate on what some statistical methods contribute versus others, leaving the discussion open for future academics and students to explore further.
Perspectives
This paper is important because its global perspective. It considers about the 99% of global capitalization, and it uses markets from the entire world: low, middle and high income countries. It also gives professionals and academics exact data on how much and when was lost during the first wave.
Pedro L. Angosto-Fernández
Universidad Miguel Hernandez de Elche
Read the Original
This page is a summary of: World capital markets facing the first wave of COVID-19: Traditional event study versus sensitivity to new cases, Economics and Business Review, January 2022, Poznan University of Economics,
DOI: 10.18559/ebr.2022.4.2.
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