COVID-19 or the Conflict: Examining the Catastrophic Effect on the Stock Markets of G-20 Economies

Series Economics and Business Issues Volume 12, 2024 COVID-19 or the Conflict: Examining the Catastrophic Effect on the Stock Markets of G-20 Economies

Volume 12, 2024

Mahesh DAHAL, Joy DAS, Paulami RAY

Acta Univ. Sapientiae, Economics and Business, 12 (2024) 132–159

DOI: 10.47745/auseb-2024-0007

Abstract. The present study attempts to capture the stock market reactions of G-20 nations, arising because of COVID-19 and the conflict between Russia and Ukraine. To achieve its objective, the present study employed event study methodology and paired sample t-test on the index return of the G-20 nations. The study found that for the G-20 nations, the impact of COVID-19 is more severe as compared to the conflict. The region-wise analysis showed that for COVID-19, the stock markets of all regions except Europe responded negatively, and during the conflict all regions displayed significant negative returns except America.

Keywords: COVID-19, conflict, G-20 nations, stock market, event study methodology

JEL Classification: G14, G12

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Volume 12, 2024

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COVID-19 or the Conflict: Examining the Catastrophic Effect on the Stock Markets of G-20 Economies - Acta Universitatis Sapientiae