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Article

First to React Is the Last to Forgive: Evidence from the Stock Market Impact of COVID 19

by
Sherif. M. Hassan
1,2 and
John M. Riveros Gavilanes
1,3,*
1
M&S Research Hub, 34132 Kassel, Germany
2
Economic Research Forum (ERF), Cairo 12311, Egypt
3
Corporación Centro de Interés Público y Justicia -CIPJUS-, Bogotá 111621131, Colombia
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2021, 14(1), 26; https://doi.org/10.3390/jrfm14010026
Submission received: 30 November 2020 / Revised: 23 December 2020 / Accepted: 30 December 2020 / Published: 6 January 2021
(This article belongs to the Special Issue Political Economy of Natural Disasters)
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Abstract

The COVID 19 pandemic has had wide-ranging and severe effects on global economies. Stock markets as usual were the first to react, with drop rates as much as the global financial crises of 2008. This study uses daily data to model the dynamic impact of the COVID 19 pandemic on the first affected countries’ stock market indices and the global commodity markets. The panel least squares Vector Auto-Regressive (VAR) estimation results confirm the negative short-termed impact of the virus spread rate on the returns of the stock market indices. The spread rate is also significant to explain changes related to the prices of platinum, silver, West Texas Intermediate (WTI), and Brent crude oil.
Keywords: panel VAR; stock market indices; COVID 19 panel VAR; stock market indices; COVID 19

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MDPI and ACS Style

Hassan, S.M.; Riveros Gavilanes, J.M. First to React Is the Last to Forgive: Evidence from the Stock Market Impact of COVID 19. J. Risk Financial Manag. 2021, 14, 26. https://doi.org/10.3390/jrfm14010026

AMA Style

Hassan SM, Riveros Gavilanes JM. First to React Is the Last to Forgive: Evidence from the Stock Market Impact of COVID 19. Journal of Risk and Financial Management. 2021; 14(1):26. https://doi.org/10.3390/jrfm14010026

Chicago/Turabian Style

Hassan, Sherif. M., and John M. Riveros Gavilanes. 2021. "First to React Is the Last to Forgive: Evidence from the Stock Market Impact of COVID 19" Journal of Risk and Financial Management 14, no. 1: 26. https://doi.org/10.3390/jrfm14010026

APA Style

Hassan, S. M., & Riveros Gavilanes, J. M. (2021). First to React Is the Last to Forgive: Evidence from the Stock Market Impact of COVID 19. Journal of Risk and Financial Management, 14(1), 26. https://doi.org/10.3390/jrfm14010026

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