Eventos informativos sobre COVID-19 y su efecto en índices bursátiles. Una revisión de la evidencia empírica

Guillermina Reimer; Anahí Briozzo; Guillermo Capobianco

doi:10.18046/j.estger.2023.167.5759

Informative events on COVID-19 and their effect on stock indices. A review of the empirical evidence

Authors

Guillermina Reimer Ayudante Graduado, Departamento de Ciencias de la Administración, Universidad Nacional del Sur (UNS), Bahía Blanca, Argentina. Ayudante Graduado, Facultad Regional Bahía Blanca (FRBB), Universidad Tecnológica Nacional (UTN), Bahía Blanca, Argentina.
Anahí Briozzo Profesora, Departamento de Ciencias de la Administración, Universidad Nacional del Sur (UNS), Bahía Blanca, Argentina. Investigadora Independiente, Instituto de Investigaciones Económicas y Sociales del Sur (IIESS, UNS-CONICET), Bahía Blanca, Argentina.
Guillermo Capobianco Profesor, Departamento de Matemática, Universidad Nacional del Sur (UNS), Bahía Blanca, Argentina.

DOI:

https://doi.org/10.18046/j.estger.2023.167.5759

Keywords:

COVID-19, stock markets, returns, volatility, literature review

Abstract

This work aims to systematize the empirical studies on the effects of events related to the COVID-19 pandemic on stock market indices. Two conceptual frameworks are identified: capital market efficiency and behavioral finance. The literature review —at first of a systematic type complemented with a narrative one— shows that informative events can be classified into health-related (announcements by the World Health Organization, evolution of the pandemic, vaccines) and non-health-related (government measures). The analysis of stock indices shows an initial negative effect on returns and a positive effect on volatility. The comparison between developed and emerging economies shows unequal repercussions of new information.

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Published

2023-06-30

Issue

Vol. 39 No 167 Abr - Jun 2023

Section

Literature reviews articles

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How to Cite

Informative events on COVID-19 and their effect on stock indices. A review of the empirical evidence. (2023). Estudios Gerenciales, 39(167), 219-232. https://doi.org/10.18046/j.estger.2023.167.5759