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Coronavirus (Covid-19) and Stock Market: Empirical Analysis with Panel Data Approach

Author

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  • Emre Esat Topaloglu
  • Ilhan Ege
  • Erol Koycu

Abstract

In this study, the relationship between the pandemic and the stock market range of the dates 17-03-2020 and 14-04-2020, when the COVID-19 pandemic was most intense, was examined by panel data analysis method. In this study conducted for Turkey and Belgium, Germany, France, Italy, Spain, United Kingdom, United States, China and Netherland countries where the COVID-19 pandemic is most common, COVID-19 data is based on the total number of cases and the total number of deaths, while stock market data is based on important stock indexes of countries. The results of the study, while a negative relationship was found between total number of cases and the stock market, a positive relationship was found between total number of death and the stock market. This is an indication that market investors are closely monitoring the number of COVID-19 cases, and that the number of cases described significantly affects stock market investments.

Suggested Citation

  • Emre Esat Topaloglu & Ilhan Ege & Erol Koycu, 2021. "Coronavirus (Covid-19) and Stock Market: Empirical Analysis with Panel Data Approach," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 13(3), pages 1-31, March.
    • Handle: RePEc:ibn:ijefaa:v:13:y:2021:i:3:p:31
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    Cited by:

    1. Isabel Carrillo-Hidalgo & Juan Ignacio Pulido-Fernández & José Luis Durán-Román & Jairo Casado-Montilla, 2023. "COVID-19 and tourism sector stock price in Spain: medium-term relationship through dynamic regression models," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-24, December.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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