Diffusion of COVID-19 impact across selected stock markets: a wavelet coherency analysis
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Author(s)Taufeeque Ahmad SiddiquiLink to ORCID Index: https://orcid.org/0000-0002-3149-2234
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Haseen AhmedLink to ORCID Index: https://orcid.org/0000-0002-8721-6132
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Mohammad NaushadLink to ORCID Index: https://orcid.org/0000-0003-4421-3422
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DOIhttp://dx.doi.org/10.21511/imfi.17(4).2020.19
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Article InfoVolume 17 2020, Issue #4, pp. 202-214
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- 972 Views
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273 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
COVID-19 has impacted the world economy in an unprecedented manner; the financial markets indicate the same. This spontaneous event landed most of the stock markets into extreme volatility. Large capital outflow and extreme rapid fall were seen among almost all the world financial markets. Though similar trend prevailed everywhere during this pandemic, the impact could not be accumulated in absolute terms. Using the data of five stock markets, the current study endeavored to draw an impact of COVID-19 on major stock exchanges. The study uses wavelet coherency analysis on one-year daily data from June 2019 to May 2020 of five stock markets: Bombay Stock Exchange (BSE), London Stock Exchange (LSE), NASDAQ, Tokyo Stock Exchange (Nikkei), and Shanghai Stock Exchange. It is observed that there are time-variation and scale-variation in co-movements between the studied markets. During the crisis, the co-movement concentrates on a short time scale, even for two days. These results have significant implications for international investors, which will help them in portfolio diversification with time elements. All the stock markets under study have indicated co-movement at different time scales and frequencies with varying cross-power levels. However, the concentration of co-movement is found the most between the UK and the US stock markets. It is the least between Japan and the UK. In BSE, co-movement at shorter time scales started late. NASDAQ is leading only in one case, i.e., Shanghai Stock Exchange. BSE is not leading any stock index. LSE is in the leading position in all four cases. It has also been observed that co-movement started to concentrate at a shorter time scale as soon as the impact of the crisis increased.
- Keywords
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JEL Classification (Paper profile tab)E22, F32, G24, G32, O16
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References48
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Tables0
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Figures10
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- Figure 1. London Stock Exchange and Tokyo Stock Exchange (Nikkei)
- Figure 2. London Stock Exchange and NASDAQ
- Figure 3. Shanghai Stock Exchange and BSE
- Figure 4. Shanghai Stock Exchange and NASDAQ
- Figure 5. NASDAQ and BSE
- Figure 6. London Stock Exchange and BSE
- Figure 7. Shanghai Stock Exchange and Tokyo Stock Exchange (Nikkei)
- Figure 8. Shanghai Stock Exchange and London Stock Exchange
- Figure 9. NASDAQ and Tokyo Stock Exchange (Nikkei)
- Figure 10. Tokyo Stock Exchange (Nikkei) and BSE
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The impact of social distancing policy on small and medium-sized enterprises (SMEs) in Indonesia
Muhtar Lutfi ,
Pricylia Chintya Dewi Buntuang ,
Yoberth Kornelius ,
Erdiyansyah ,
Bakri Hasanuddin
doi: http://dx.doi.org/10.21511/ppm.18(3).2020.40
Problems and Perspectives in Management Volume 18, 2020 Issue #3 pp. 492-503 Views: 3403 Downloads: 1267 TO CITE АНОТАЦІЯThis study aims to investigate the impact of social distancing policies on SMEs in Indonesia. It used a quantitative method with a survey design. Respondents were all SMEs in Indonesia that are affected by social distancing policies during the COVID-19 pandemic. It involved a total of 587 SME samples selected randomly. The data were collected through observations, questionnaires, and literature studies. The collected data were analyzed using descriptive statistics with SPSS software to determine the mean value. The result showed that social distancing policies affect SMEs during the COVID-19 pandemic. This is indicated by the decreasing income and demand for SMEs products, and even some have no income (mean values of 2.40) due to the social distancing policies. Besides, the policy’s impact is also shown in the increasing cost of raw materials and production costs due to supply chain problems (mean values of 4.79). The policy’s impact raises anxiety for SMEs to survive so that business actors change their plans by utilizing information technology (mean values of 4.81). This change is a strategy to survive due to the impact of the applied policies. Although social distancing policies affect SMEs’ survival during the pandemic, research findings show that SMEs in Indonesia did not terminate employment (mean values of 4.37) due to the presence of economic stimulus policies that helped SMEs survive and grow during the COVID-19 pandemic.
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The impact of the COVID-19 pandemic on retailer performance: empirical evidence from India
Amgad S.D. Khaled ,
Nabil Mohamed Alabsy ,
Eissa A. Al-Homaidi 
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Abdulmalek M.M. Saeed
doi: http://dx.doi.org/10.21511/im.16(4).2020.11
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The impact of quarantine due to COVID-19 pandemic on the tourism industry in Lviv (Ukraine)
Mykhailo Rutynskyi ,
Halyna Kushniruk
doi: http://dx.doi.org/10.21511/ppm.18(2).2020.17
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