학술논문
Stock Market Response during COVID-19 Lockdown Period in India: An Event Study
이용수 9
- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Mohammad Noor ALAM Md. Shabbir ALAM Kavita CHAVALI
- 간행물 정보
- 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.7, 131~137쪽, 전체 7쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2020.07.30
무료
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국문 초록
영문 초록
The research investigates the impact of the lockdown period caused by the COVID-19 to the stock market of India. The study examines the extent of the influence of the lockdown on the Indian stock market and whether the market reaction would be the same in pre- and post-lockdown period caused by COVID-19. Market Model Event study methodology is used. A sample of 31 companies listed on Bombay Stock Exchange (BSE) are selected at random for the purpose of the study. The sample period taken for the study is 35 days (24 February-17 April, 2020). An event window of 35 days was taken with 20 days prior to the event and 15 days during the event. The event (t1) being the official announcement of the lockdown. The results indicate that the market reacted positively with significantly positive Average Abnormal Returns during the present lockdown period, and investors anticipated the lockdown and reacted positively, whereas in the pre-lockdown period investors panicked and it was reflected in negative AAR. The study finds evidence of a positive AR around the present lockdown period and confirms that lockdown had a positive impact on the stock market performance of stocks till the situation improves in the Indian context.
목차
1. Introduction
2. Literature Review
3. Research Methods and Materials
4. Results and Discussion
5. Conclusions
References
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