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      Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns

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          Abstract

          This study investigates whether contagious infectious diseases affect stock market outcomes. As a natural experiment, we use panel data regression analysis to measure the effect of the COVID-19 virus, which is a contagious infectious disease, on the Chinese stock market. The findings indicate that both the daily growth in total confirmed cases and in total cases of death caused by COVID-19 have significant negative effects on stock returns across all companies.

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          World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19)

          Catrin Sohrabi, Zaid Alsafi, Niamh O'Neill … (2020)
          An unprecedented outbreak of pneumonia of unknown aetiology in Wuhan City, Hubei province in China emerged in December 2019. A novel coronavirus was identified as the causative agent and was subsequently termed COVID-19 by the World Health Organization (WHO). Considered a relative of severe acute respiratory syndrome (SARS) and Middle East respiratory syndrome (MERS), COVID-19 is caused by a betacoronavirus named SARS-CoV-2 that affects the lower respiratory tract and manifests as pneumonia in humans. Despite rigorous global containment and quarantine efforts, the incidence of COVID-19 continues to rise, with 90,870 laboratory-confirmed cases and over 3,000 deaths worldwide. In response to this global outbreak, we summarise the current state of knowledge surrounding COVID-19.
          Article 0 comments Cited 2176 times – based on 0 reviews     Review now
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            The deadly coronaviruses: The 2003 SARS pandemic and the 2020 novel coronavirus epidemic in China

            Yongshi Yang, Fujun Peng, Runsheng Wang … (2020)
            The 2019-nCoV is officially called SARS-CoV-2 and the disease is named COVID-19. This viral epidemic in China has led to the deaths of over 1800 people, mostly elderly or those with an underlying chronic disease or immunosuppressed state. This is the third serious Coronavirus outbreak in less than 20 years, following SARS in 2002–2003 and MERS in 2012. While human strains of Coronavirus are associated with about 15% of cases of the common cold, the SARS-CoV-2 may present with varying degrees of severity, from flu-like symptoms to death. It is currently believed that this deadly Coronavirus strain originated from wild animals at the Huanan market in Wuhan, a city in Hubei province. Bats, snakes and pangolins have been cited as potential carriers based on the sequence homology of CoV isolated from these animals and the viral nucleic acids of the virus isolated from SARS-CoV-2 infected patients. Extreme quarantine measures, including sealing off large cities, closing borders and confining people to their homes, were instituted in January 2020 to prevent spread of the virus, but by that time much of the damage had been done, as human-human transmission became evident. While these quarantine measures are necessary and have prevented a historical disaster along the lines of the Spanish flu, earlier recognition and earlier implementation of quarantine measures may have been even more effective. Lessons learned from SARS resulted in faster determination of the nucleic acid sequence and a more robust quarantine strategy. However, it is clear that finding an effective antiviral and developing a vaccine are still significant challenges. The costs of the epidemic are not limited to medical aspects, as the virus has led to significant sociological, psychological and economic effects globally. Unfortunately, emergence of SARS-CoV-2 has led to numerous reports of Asians being subjected to racist behavior and hate crimes across the world.
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              Stock prices and geographic proximity of information: Evidence from the Ebola outbreak ☆

              Riste Ichev, Matej Marinč (2017)
              Behavioral finance studies reveal that investor sentiment affects investment decisions and may therefore affect stock pricing. This paper examines whether the geographic proximity of information disseminated by the 2014–2016 Ebola outbreak events combined with intense media coverage affected stock prices in the U.S. We find that the Ebola outbreak event effect is the strongest for the stocks of companies with exposure of their operations to the West African countries (WAC) and the U.S. and for the events located in the WAC and the U.S. This result suggests that the information about Ebola outbreak events is more relevant for companies that are geographically closer to both the birthplace of the Ebola outbreak events and the financial markets. The results also show that the effect is more pronounced for small and more volatile stocks, stocks of specific industry, and for the stocks exposed to the intense media coverage. The event effect is also followed by the elevated perceived risk; that is, the implied volatility increases after the Ebola outbreak events.
              Article 0 comments Cited 81 times – based on 0 reviews     Review now
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                Author and article information

                Contributors
                Abdullah M. Al-Awadhi
                Khaled Al-Saifi
                Ahmad Al-Awadhi
                Salah Alhamadi
                Journal
                Journal ID (nlm-ta): J Behav Exp Finance
                Journal ID (iso-abbrev): J Behav Exp Finance
                Title: Journal of Behavioral and Experimental Finance
                Publisher: Elsevier B.V.
                ISSN (Print): 2214-6350
                ISSN (Electronic): 2214-6369
                Publication date PMC-release: 8 April 2020
                Publication date (Electronic): 8 April 2020
                Electronic Location Identifier: 100326
                Affiliations
                [a ]College of Business Studies Public Authority for Applied Education and Training (PAAET), Kuwait
                [b ]Kuwait Consultancy Group, Kuwait
                [c ]College of Business Administration Gulf University of Since and Technology, Kuwait
                Author notes
                [* ]Corresponding author. am.alawadhi1@ 123456paaet.edu.kw
                Article
                Publisher ID: S2214-6350(20)30080-0 Publisher ID: 100326
                DOI: 10.1016/j.jbef.2020.100326
                PMC ID: 7144859
                PubMed ID: 32292707
                SO-VID: 6a9fba06-0c66-48d9-9db7-542ef2f08619
                Copyright © © 2020 Elsevier B.V. All rights reserved.
                License:

                Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.

                History
                Date received : 24 March 2020
                Date revision received : 28 March 2020
                Date accepted : 7 April 2020
                Categories
                Subject: Article

                Keywords: stock returns,covid-19
                Data availability:
                Keywords: stock returns, covid-19

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