The impact of COVID-19 on the Chinese stock market: Sentimental or substantial?

We investigate the impact of COVID-19 on Chinese stock market by an event study and examine the effect of individual investor sentiment on returns. The pandemic has an overall negative effect on stock market during the post-event window, which can't be explained by real losses. Results show a s...

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Detalles Bibliográficos
Autores principales: Sun, Yunchuan, Wu, Mengyuan, Zeng, Xiaoping, Peng, Zihan
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Inc. 2021
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9761188/
https://www.ncbi.nlm.nih.gov/pubmed/36569651
http://dx.doi.org/10.1016/j.frl.2020.101838
Descripción
Sumario:We investigate the impact of COVID-19 on Chinese stock market by an event study and examine the effect of individual investor sentiment on returns. The pandemic has an overall negative effect on stock market during the post-event window, which can't be explained by real losses. Results show a stronger positive correlation between individual investor sentiment and stock returns than usual. The impact on individual investor sentiment on stock returns is more significant for enterprises with high PB, PE and CMV, low net asset, and low institutional shareholding. Only 7 industries related to pharmacy, digitalization, and agriculture are boosted.

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