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Extreme Events: What Are US Stock Market Sectors Afraid of More?

In: Financial Transformations Beyond the COVID-19 Health Crisis

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  • Veni Arakelian

Abstract

We examine the reaction of US stock market sectors to a stock market bubble, a terrorist attack, two pandemics, a financial crisis, an industrial disaster, and an unexpected positive event. Although the indices belong to the same local market and are expected to show uniform responses to shocks, the degree of stock market reactions differs significantly. Especially, with regard to the COVID-19 outbreak, there is clear evidence that the US stock market sector indices positively over-reacted to this unanticipated event. An explanation is the effect of the unconventional measures adopted immediately to combat the crisis.

Suggested Citation

  • Veni Arakelian, 2022. "Extreme Events: What Are US Stock Market Sectors Afraid of More?," World Scientific Book Chapters, in: Sabri Boubaker & Duc Khuong Nguyen (ed.), Financial Transformations Beyond the COVID-19 Health Crisis, chapter 6, pages 155-197, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9781800610781_0006
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    Keywords

    COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G3 - Financial Economics - - Corporate Finance and Governance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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