Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets

Bayu Arie Fianto; Masagus M. Ridhwan; Syed Alamdar Ali Shah; Muhammad Faris; Rafiatul Adlin Hj Mohd Ruslan

doi:10.28991/ESJ-2023-SPER-03

Authors

Bayu Arie Fianto
bayu.fianto@feb.unair.ac.id
Department of Islamic Economics, Faculty of Economic and Business, Universitas Airlangga, Surabaya,, Indonesia
Masagus M. Ridhwan Bank Indonesia Institute, Bank Indonesia, Jakarta,, Indonesia
Syed Alamdar Ali Shah Department of Islamic Economics, Faculty of Economic and Business, Universitas Airlangga, Surabaya,, Indonesia
Muhammad Faris Department of Neurosurgery, Faculty of Medicine, Universitas Airlangga, Surabaya,, Indonesia
Rafiatul Adlin Hj Mohd Ruslan Universiti Teknologi MARA, Puncak Alam, Selangor,, Malaysia

Vol. 7 (2023): Special Issue "COVID-19: Emerging Research"

Special Issue "COVID-19: Emerging Research"

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The objective of this research is to consolidate the literature published on the COVID-19 crisis impact on global stock markets to gain managerial implications from the crisis. It performs a thematic bibliometric review of the literature published in Scopus-ranked journals since the beginning of the pandemic using FCWI, Piecharts, and VOSViewer. It identifies the most under-researched regions and eight emerging sub-themes. The research finds that the benchmark theme is market behavior during the COVID-19 crisis, whereas an emerging benchmark theme is the markets after the COVID-19 crisis. The holistic view of the literature supporting eight sub-themes suggests that the government's role is of utmost importance to handle the impact of the COVID-19 crisis, which should be industry-specific. It identifies that all eight sub-themes of the research are the future research directions in all and specifically in the South American, African, South East Asian, and Oceania regions till the crisis continues.

Doi: 10.28991/ESJ-2023-SPER-03

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Fianto, B. A., Ridhwan, M. M., Shah, S. A. A., Faris, M., & Mohd Ruslan, R. A. H. (2022). Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets. Emerging Science Journal, 7, 29–54. https://doi.org/10.28991/ESJ-2023-SPER-03

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Omane-Adjepong, M., & Alagidede, I. P. (2021). Exploration of safe havens for Africa's stock markets: A test case under COVID-19 crisis. Finance Research Letters, 38, 101877. doi:10.1016/j.frl.2020.101877.

Kyriazis, Î”. A. (2021). Investigating the nexus between European major and sectoral stock indices, gold and oil during the COVID-19 pandemic. SN Business & Economics, 1(4), 1–12. doi:10.1007/s43546-021-00060-x.

Naeem, M. A., Sehrish, S., & Costa, M. D. (2020). COVID-19 pandemic and connectedness across financial markets. Pacific Accounting Review, 33(2), 165–178. doi:10.1108/PAR-08-2020-0114.

Mariana, C. D., Ekaputra, I. A., & Husodo, Z. A. (2021). Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic? Finance Research Letters, 38, 101798. doi:10.1016/j.frl.2020.101798.

Ashraf, B. N. (2021). Stock markets' reaction to Covid-19: Moderating role of national culture. Finance Research Letters, 41, 1–9. doi:10.1016/j.frl.2020.101857.

Fernandez-Perez, A., Gilbert, A., Indriawan, I., & Nguyen, N. H. (2021). COVID-19 pandemic and stock market response: A culture effect. Journal of Behavioral and Experimental Finance, 29, 100454. doi:10.1016/j.jbef.2020.100454.

Bissoondoyal-Bheenick, E., Do, H., Hu, X., & Zhong, A. (2021). Learning from SARS: Return and volatility connectedness in COVID-19. Finance Research Letters, 41, 101796. doi:10.1016/j.frl.2020.101796.

Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35, 101607. doi:10.1016/j.frl.2020.101607.

Ben Amar, A., Hachicha, N., & Halouani, N. (2021). Is there a shift contagion among stock markets during the COVID-19 crisis? Further insights from TYDL causality test. International Review of Applied Economics, 35(2), 188–209. doi:10.1080/02692171.2020.1853685.

Baek, S., & Lee, K. Y. (2021). The risk transmission of COVID-19 in the US stock market. Applied Economics, 53(17), 1976–1990. doi:10.1080/00036846.2020.1854668.

Bahloul, S., & Khemakhem, I. (2021). Dynamic return and volatility connectedness between commodities and Islamic stock market indices. Resources Policy, 71, 101993. doi:10.1016/j.resourpol.2021.101993.

Ghorbel, A., & Jeribi, A. (2021). Investigating the relationship between volatilities of cryptocurrencies and other financial assets. Decisions in Economics and Finance, 44(2), 817–843. doi:10.1007/s10203-020-00312-9.

O'Donnell, N., Shannon, D., & Sheehan, B. (2021). Immune or at-risk? Stock markets and the significance of the COVID-19 pandemic. Journal of Behavioral and Experimental Finance, 30, 1–10. doi:10.1016/j.jbef.2021.100477.

Shahzad, S. J. H., Naeem, M. A., Peng, Z., & Bouri, E. (2021). Asymmetric volatility spillover among Chinese sectors during COVID-19. International Review of Financial Analysis, 75, 101754. doi:10.1016/j.irfa.2021.101754.

Yarovaya, L., Elsayed, A. H., & Hammoudeh, S. (2021). Determinants of Spillovers between Islamic and Conventional Financial Markets: Exploring the Safe Haven Assets during the COVID-19 Pandemic. Finance Research Letters, 43, 101979. doi:10.1016/j.frl.2021.101979.

Zhang, W., & Hamori, S. (2021). Crude oil market and stock markets during the COVID-19 pandemic: Evidence from the US, Japan, and Germany. International Review of Financial Analysis, 74, 101702. doi:10.1016/j.irfa.2021.101702.

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Malik, K., Sharma, S., & Kaur, M. (2022). Measuring contagion during COVID-19 through volatility spillovers of BRIC countries using diagonal BEKK approach. Journal of Economic Studies, 49(2), 227–242. doi:10.1108/JES-05-2020-0246.

Ashraf, B. N. (2020). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 100371. doi:10.1016/j.jbef.2020.100371.

Bai, L., Wei, Y., Wei, G., Li, X., & Zhang, S. (2020). Infectious disease pandemic and permanent volatility of international stock markets: A long-term perspective. Finance Research Letters, 40, 101709. doi:10.1016/j.frl.2020.101709.

Narayan, P. K., Phan, D. H. B., & Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. doi:10.1016/j.frl.2020.101732.

Chang, C.-P., Feng, G.-F., & Zheng, M. (2021). Government Fighting Pandemic, Stock Market Return, and COVID-19 Virus Outbreak. Emerging Markets Finance and Trade, 1–18. doi:10.1080/1540496x.2021.1873129.

Kizys, R., Tzouvanas, P., & Donadelli, M. (2021). From COVID-19 herd immunity to investor herding in international stock markets: The role of government and regulatory restrictions. International Review of Financial Analysis, 74, 101663. doi:10.1016/j.irfa.2021.101663.

Shaikh, I. (2021). Impact of COVID-19 pandemic on the energy markets. Economic Change and Restructuring, 55(1), 433–484. doi.:10.1007/s10644-021-09320-0.

Zaremba, A., Kizys, R., Tzouvanas, P., Aharon, D. Y., & Demir, E. (2021). The quest for multidimensional financial immunity to the COVID-19 pandemic: Evidence from international stock markets. Journal of International Financial Markets, Institutions and Money, 71, 101284. doi:10.1016/j.intfin.2021.101284.

Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R., & Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the world: A note. Research in International Business and Finance, 56, 101359. doi:10.1016/j.ribaf.2020.101359.

Heyden, K. J., & Heyden, T. (2021). Market reactions to the arrival and containment of COVID-19: An event study. Finance Research Letters, 38, 101745. doi:10.1016/j.frl.2020.101745.

Mugaloglu, E., Polat, A. Y., Tekin, H., & Kılıç, E. (2022). Assessing the impact of Covid-19 pandemic in Turkey with a novel economic uncertainty index. Journal of Economic Studies, 49(5), 821–832. doi:10.1108/JES-02-2021-0081.

Goswami, G. G., Ali, A. M., & Islam, S. (2020). A panel path analysis approach to the determinants of coronavirus disease 2019 transmission: does testing matter for confirmed cases? Journal of Economic Studies, 48(8), 1624–1648. doi:10.1108/jes-07-2020-0326.

Mansour, H. (2022). How successful countries are in promoting digital transactions during COVID-19. Journal of Economic Studies, 49(3), 435–452. doi:10.1108/JES-10-2020-0489.

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Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets

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