Unveiling Inter-Market Reactions to Different Asset Classes/Commodities Pre- and Post-COVID-19: An Exploratory Qualitative Study
Abstract
:1. Introduction
2. Theoretical Foundation
2.1. Entropy and Information Theory
2.2. Behavioral Finance Theory
3. Empirical Review
3.1. Gold and Oil
3.2. Gold, Oil and Bitcoin
3.3. Gold and Bitcoin
3.4. Bitcoin–Oil and Bitcoin–S&P 500
3.5. Gold, Bitcoin, and the Volatility Index (VIX)
4. Methodology
5. Results
5.1. Demographic Profile
5.2. Interview Findings
- Gold as a safe haven and hedge;
- Bitcoin’s role in portfolios;
- Intermarket relationships;
- Volatility dynamics.
5.3. Analysis of Themes
5.3.1. Gold as a Safe Haven and Hedge
5.3.2. Bitcoin’s Role in Portfolios
5.3.3. Intermarket Relationships
Correlation of Gold and Bitcoin, Pre- and Post-COVID-19
Correlation of Gold and Oil, Pre- and Post-COVID-19
Correlation of Bitcoin and Oil, Pre- and Post-COVID-19
5.3.4. Volatility Dynamics
Correlation of Gold and the Volatility Index (VIX), Pre- and Post-COVID
Correlation of Bitcoin and the Volatility Index (VIX), Pre- and Post-COVID
Correlation of Oil and the Volatility Index (VIX), Pre- and Post-COVID-19
6. Discussion
7. Conclusions, Limitations, Implications, and Recommendations
Author Contributions
Funding
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
1 | There are many oil classifications used globally; however, West Texas Intermediate (WTI) crude and Bent crude are the largest global indicators. Brent is drilled in the North Sea and controlled by the UK and Norway, while WTI is extracted in the US. |
2 | The CBOE VIX for the CBOE S&P 100 Index (OEX) option pricing was accommodated and customized by the Chicago Board Options Exchange on 19 January 1993 (Osterrieder et al., 2019). In 2003, Goldman Sachs worked with the CBOE VIX to modify it. The CBOE S&P 500 Index (SPX) replaced the underlying CBOE S&P 100 Index (OEX). |
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Characteristics | |||
---|---|---|---|
Gender | Value | Percentage | |
Male | 21 | 70% | |
Female | 9 | 30% | |
Age Group | |||
25–30 | 5 | 17% | |
30–35 | 4 | 13% | |
36–40 | 10 | 33% | |
41–45 | 9 | 30% | |
45–50 | 2 | 7% | |
Nationality | |||
Indian | 20 | 67% | |
Arabic | 6 | 20% | |
British | 2 | 7% | |
Canadian | 1 | 3% | |
Chinese | 1 | 3% | |
Education * | |||
CFA | 11 | 37% | |
CA | 3 | 10% | |
CA and CFA | 3 | 10% | |
CFA L2 | 4 | 13% | |
Masters | 6 | 20% | |
Graduate | 2 | 7% | |
PhD | 1 | 3% | |
Sector | |||
Wealth Management Investment Advisory | 9 | 30% | |
Treasury and Forex Analyst | 5 | 17% | |
Wealth Management Product Managers | 4 | 13% | |
Wealth Management Sales | 3 | 10% | |
Business Manager | 3 | 10% | |
Educationalist related to Finance | 3 | 10% | |
Group Reporting Analyst | 1 | 3% | |
Wealth Management Chief Investment Officer | 1 | 3% | |
Chief Financial Officer | 1 | 3% |
Correlations | |
---|---|
First Crash: 26 January–7 February 2018 | −0.194 |
Second Crash: 21 September–28 December 2018 | 0.107 |
Third Crash: 6 May–6 June 2019 | 0.277 |
Fourth Crash: 20 February–28 March 2020 | 0.275 |
Fifth Crash: 1 January–11 March 2022 | −0.179 |
Average Correlation during Crashes | 0.057 |
Average Correlation Outside of Crashes | 0.064 |
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Bannerjee, S.S.; Pillai, R.; Tabash, M.I.; Al-Absy, M.S.M. Unveiling Inter-Market Reactions to Different Asset Classes/Commodities Pre- and Post-COVID-19: An Exploratory Qualitative Study. Economies 2025, 13, 66. https://doi.org/10.3390/economies13030066
Bannerjee SS, Pillai R, Tabash MI, Al-Absy MSM. Unveiling Inter-Market Reactions to Different Asset Classes/Commodities Pre- and Post-COVID-19: An Exploratory Qualitative Study. Economies. 2025; 13(3):66. https://doi.org/10.3390/economies13030066
Chicago/Turabian StyleBannerjee, Siddhartha S., Rekha Pillai, Mosab I. Tabash, and Mujeeb Saif Mohsen Al-Absy. 2025. "Unveiling Inter-Market Reactions to Different Asset Classes/Commodities Pre- and Post-COVID-19: An Exploratory Qualitative Study" Economies 13, no. 3: 66. https://doi.org/10.3390/economies13030066
APA StyleBannerjee, S. S., Pillai, R., Tabash, M. I., & Al-Absy, M. S. M. (2025). Unveiling Inter-Market Reactions to Different Asset Classes/Commodities Pre- and Post-COVID-19: An Exploratory Qualitative Study. Economies, 13(3), 66. https://doi.org/10.3390/economies13030066