Abstract

REIMER, Guillermina; BRIOZZO, Anahí  and  CAPOBIANCO, Guillermo. Informative events on COVID-19 and their effect on stock indices. A review of the empirical evidence. estud.gerenc. [online]. 2023, vol.39, n.167, pp.219-232.  Epub June 30, 2023. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2023.167.5759.

This work aims to systematize the empirical studies on the effects of events related to the COVID-19 pandemic on stock market indices. Two conceptual frameworks are identified: capital market efficiency and behavioral finance. The literature review -at first of a systematic type complemented with a narrative one- shows that informative events can be classified into health-related (announcements by the World Health Organization, evolution of the pandemic, vaccines) and non-health-related (government measures). The analysis of stock indices shows an initial negative effect on returns and a positive effect on volatility. The comparison between developed and emerging economies shows unequal repercussions of new information.

Keywords : COVID-19; stock markets; returns; volatility; literature review..

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