Economics, Econometrics and Finance
3 years ago

COVID-19 Outbreak Drastically Impacts Stock Returns in Asian Markets

SSRN Electronic Journal
The Impact of COVID-19 on Stock Return in Asian Stock Markets Evidences from Developed, Emerging and Frontier Asian Markets
Oshini Kumarapperuma, N.P. Ravindra Deyshappriya, Maheshi Rajapakshe

Paper Summary

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The impact of COVID-19 on Asian stock markets was studied by analyzing stock returns of 15 markets. Daily closing prices from January 2019 to June 2020 were used. The study found that COVID-19 had a negative effect on stock returns, especially in emerging and frontier markets. Abnormal returns were negative after the outbreak, showing an immediate impact. The number of confirmed COVID-19 cases also negatively affected stock returns in the Asian region. The study suggests the importance of recovering from the pandemic for the development and stability of stock markets.