标题：The COVID-19 Outbreak and Affected Countries Stock Markets Response
作者：Liu, HaiYue; Manzoor, Aqsa; Wang, CangYu; Zhang, Lei; Manzoor, Zaira
作者机构：[Liu, HaiYue; Manzoor, Aqsa; Wang, CangYu] Sichuan Univ, Business Sch, Chengdu 610064, Peoples R China.; [Zhang, Lei] Sichuan Univ, Sch Comp Sci, Ch 更多
通讯作者地址：Manzoor, A (corresponding author), Sichuan Univ, Business Sch, Chengdu 610064, Peoples R China.; Zhang, L (corresponding author), Sichuan Univ, Sch Co 更多
来源：INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH
关键词：COVID-19; investor sentiment; abnormal returns; stock market indices
摘要：This paper evaluates the short-term impact of the coronavirus outbreak on 21 leading stock market indices in major affected countries including Japan, Korea, Singapore, the USA, Germany, Italy, and the UK etc. The consequences of infectious disease are considerable and have been directly affecting stock markets worldwide. Using an event study method, our results indicate that the stock markets in major affected countries and areas fell quickly after the virus outbreak. Countries in Asia experienced more negative abnormal returns as compared to other countries. Further panel fixed effect regressions also support the adverse effect of COVID-19 confirmed cases on stock indices abnormal returns through an effective channel by adding up investors' pessimistic sentiment on future returns and fears of uncertainties.