The association of the number of confirmed COVID-19 cases and fatalities with stock market returns: A case of the USA and China

Ramiz ur Rehman; Muhammad Ishafq Ahmad; Muhammad Akram Naseem; Joe Ueng

doi:10.22495/cocv19i3art15

The association of the number of confirmed COVID-19 cases and fatalities with stock market returns: A case of the USA and China

Ramiz ur Rehman
, Muhammad Ishafq Ahmad
, Muhammad Akram Naseem
, Joe Ueng

Research output: Contribution to journal › Article › peer-review

Abstract

The daily stock indices/returns of the Shanghai Stock Exchange (SSE) and the New York Stock Exchange (NYSE) were examined from January 2, 2020, to April 2, 2020, during the COVID-19 pandemic period. The sample was then split into three event windows. The returns were negative during the post-COVID-19 window for both markets. Interestingly, a positive link was found between NYSE returns and COVID-19 cases and deaths during the peak COVID-19 death window. These findings indicate the buying frenzy of investors in the NYSE in the wake of the increased pandemic level as compared to the SSE.

Original language	English
Pages (from-to)	195-200
Journal	Corporate Ownership and Control
Volume	19
Issue number	3
DOIs	https://doi.org/10.22495/cocv19i3art15
Publication status	Published - 21 Jun 2022
Externally published	Yes

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10.22495/cocv19i3art15Licence: CC BY

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title = "The association of the number of confirmed COVID-19 cases and fatalities with stock market returns: A case of the USA and China",

abstract = "The daily stock indices/returns of the Shanghai Stock Exchange (SSE) and the New York Stock Exchange (NYSE) were examined from January 2, 2020, to April 2, 2020, during the COVID-19 pandemic period. The sample was then split into three event windows. The returns were negative during the post-COVID-19 window for both markets. Interestingly, a positive link was found between NYSE returns and COVID-19 cases and deaths during the peak COVID-19 death window. These findings indicate the buying frenzy of investors in the NYSE in the wake of the increased pandemic level as compared to the SSE.",

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AU - Naseem, Muhammad Akram

AU - Ueng, Joe

PY - 2022/6/21

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N2 - The daily stock indices/returns of the Shanghai Stock Exchange (SSE) and the New York Stock Exchange (NYSE) were examined from January 2, 2020, to April 2, 2020, during the COVID-19 pandemic period. The sample was then split into three event windows. The returns were negative during the post-COVID-19 window for both markets. Interestingly, a positive link was found between NYSE returns and COVID-19 cases and deaths during the peak COVID-19 death window. These findings indicate the buying frenzy of investors in the NYSE in the wake of the increased pandemic level as compared to the SSE.

AB - The daily stock indices/returns of the Shanghai Stock Exchange (SSE) and the New York Stock Exchange (NYSE) were examined from January 2, 2020, to April 2, 2020, during the COVID-19 pandemic period. The sample was then split into three event windows. The returns were negative during the post-COVID-19 window for both markets. Interestingly, a positive link was found between NYSE returns and COVID-19 cases and deaths during the peak COVID-19 death window. These findings indicate the buying frenzy of investors in the NYSE in the wake of the increased pandemic level as compared to the SSE.

UR - http://dx.doi.org/10.22495/cocv19i3art15

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ER -

The association of the number of confirmed COVID-19 cases and fatalities with stock market returns: A case of the USA and China

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