Covid-19 on stock market performance
Evidence from Italy
Bibliographic Data
| ID | 15068085 |
|---|---|
| Authors | Marianna Mauro (0000-0002-5361-4618, Magna Graecia University), Monica Giancotti (0000-0003-1584-6845, Magna Graecia University), Vito Pipitone (0000-0002-3780-8797, National Research Council of Italy, Institute for Studies on the Mediterranean, Palermo, Italy, corresponding author), Riccardo Tiscini (0000-0002-6172-8965, Department of Economics, Universitas Mercatorum of Rome, Rome, Italy) |
| Year | 2023 |
| Volume | 36 |
| Issue | 3 |
| Publication date | 2023-12-25 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economic Research-Ekonomska Istraživanja (JOURNAL) |
| Journal identifiers | ISSN: 1331-677X • E-ISSN: 1848-9664 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/1331677x.2023.2264369 |
| OpenAlex | W4387617807 |
| Language | EN |
| References cited | 104 |
This paper has explored the impact of the Covid-19 pandemic on the Italian stock market at an industry level, analysing companies listed in the two major stock indexes: MIB 30 and STAR.Using daily firm-level stock prices (from December 2019, until October 31, 2020), we employed an event-study approach to analyse short-term stock market reactions, considering different pandemic windows period.Results showed that stocks reacted negatively to the announcement of the first case in the country, with deep reversal effects when the country was locked down.Monetary policy measures showed potential to ease stock markets: the announcement of Next Generation Agreement highlights the reversed role of Market Capitalization.Firm-specific variables were included in order to make inferences about firm characteristics that emerged as value drivers during the pandemic: in the first lockdown period, a greater company's capitalization ensured a greater resilience to the Covid-19 shock.Reversals at both an industry and a company level are observed.Results allow to understand how an outbreak of contagious disease affects stock returns in various sectors, helping investors to develop trading strategies to protect their wealth from future epidemics and providing inputs into the assessment of economic vulnerability to pandemic crises
Business · Capitalization · Disease · Economics · Event study · Financial economics · Geography · Market capitalization · Monetary economics · Pandemic · Stock exchange · Stock market · Stock market bubble · COVID-19 impact on air quality · COVID-19 Pandemic Impacts · Market Dynamics and Volatility · Finance
The Econometrics of Financial Markets
The Unprecedented Stock Market Reaction to Covid-19
Using daily stock returns
Covid-19 and finance
Economic impact of government interventions during the Covid-19 pandemic
Stock markets’ reaction to Covid-19
Death and contagious infectious diseases
Financial markets under the global pandemic of Covid-19
The impact of the Sars outbreak on Taiwanese hotel stock performance
Economic Effects of Coronavirus Outbreak (Covid-19) on the World Economy
Covid-19 and Italy
Environmental perspective of Covid-19
The Global Macroeconomic Impacts of Covid-19
Stock markets’ reaction to Covid-19, US lockdown and waves
The Covid-19 Outbreak and Affected Countries Stock Markets Response
Impact of Covid-19 pandemic disease outbreak on the global equity markets
The nexus between Covid-19 fear and stock market volatility
To what extent does Covid-19 drive stock market volatility? A comparison between the U.S. and China
Impact of investment behaviour on financial markets during Covid-19
Covid-19 pandemic and unemployment dynamics in European economies
Covid-19 and stock market nexus
Institutional investment activities and stock market volatility amid Covid-19 in India
The effect of Covid ‐19 pandemic on global stock markets
Investor Sentiment in the Stock Market
| Citation velocity | historical |
|---|---|
| Highly cited | No |