Do Investor Simply Repeat History: Evidence from Time Series Model

It has been two and a half years since the outbreak of COVID-19, and it is now nearly a year since it entered the post-COVID era globally. During this year, most countries have relaxed, or even lifted, their COVID prevention policies. And will those differences change investors’ attitudes? To explore this topic, this paper uses a time series model to examine whether stock investor behavior has changed under the regular epidemic control compared to the initial era by analyzing Boeing’s stock price since the start of COVID combined with the data of daily new cases globally. Previous studies have shown a downward trend in stock prices following a pandemic outbreak at the beginning of the epidemic, and a few months later, their stock price started to surge again. The conclusion of this paper is that the returns on Boeing stock prices in the post-COVID era are generally repeating history, with investors not gaining much experience from previous investments. However, investor panic has been less severe than at the beginning of the outbreak.