Comovement of stock markets after the first COVID wave: a study into five most affected countries
| Autor: | Arindam Das, Arindam Gupta |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2022 |
| Předmět: | |
| Zdroj: | IIM Ranchi Journal of Management Studies, Vol 1, Iss 1, Pp 69-81 (2022) |
| Druh dokumentu: | article |
| ISSN: | 2754-0146 2754-0138 |
| DOI: | 10.1108/IRJMS-07-2021-0055/full/pdf |
| Popis: | Purpose – The purpose of this paper is to look at the contemporaneous movement of the stock market indices of the five most COVID-infected countries, namely, the USA, Brazil, Russia, India and UK after the first wave along with market indices of the three least affected countries, namely, Hong Kong, South Korea and New Zealand during the first wave. Design/methodology/approach – Data have been collected from the website of Yahoo finance on daily closing values of five indices. Augmented Dickey–Fuller test with its three forms has been applied to check the stationarity of the select five indices at the level and at the first difference before the pandemic, during the pandemic and post-first wave of the pandemic. Johansen cointegration test is applied to find out that there is no cointegration among the select five indices. Findings – The five countries do neither fall in the same economic and political zone nor do they have the same economic status. But during the period of pandemic and the new-normal period, the cointegration is very distinct. The developing and developed nations thus stood at an indifferentiable stage of the economic crisis which is well reflected in their stock markets. However, the least three COVID-affected countries do not show any cointegration during the pandemic time. Originality/value – The comovement even seen during the normal time in the other studies is not compared to a similar period in earlier years. But, in this study to look into the exclusive effect of COVID pandemic, the period most affected with it is compared with the period after it and that in the immediate past year had no effect. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
|