Journal article 415 views
Covid-19 pandemic and stock returns in India
,
M. Kabir Hassan ,
Makeen Huda,
Abedin Abedin
Journal of Economics and Finance, Volume: 47, Issue: 1, Pages: 251 - 266
Swansea University Author: Abedin Abedin
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DOI (Published version): 10.1007/s12197-022-09586-8
Abstract
This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths...
| Published in: | Journal of Economics and Finance |
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| ISSN: | 1055-0925 1938-9744 |
| Published: |
Springer Science and Business Media LLC
2023
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| Online Access: |
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| URI: | https://cronfa.swan.ac.uk/Record/cronfa64278 |
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| Abstract: |
This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths are negatively associated with stock returns. Further, we observe that the average stock returns during Lockdown 2 are positive and highly significant, while the returns during Lockdowns 3 and 4 are negative. Moreover, our results show that the chemical, technology, and food and beverage industries earn higher returns. In contrast, the banking and finance, automotive, services, and cement and construction industries yield lower returns for the overall period. Interestingly, all industry groupings in this study earn a positive return during the lockdown period. In particular, the chemical, technology, automotive, metals and mining, and food and beverage industries provide higher returns during the lockdown period. Finally, this study supports the claim that the Covid-19 pandemic has had a heterogeneous effect in the Indian stock markets. |
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| Keywords: |
Covid-19, Stock markets, Lockdown effect, Stock returns, Global markets |
| College: |
Faculty of Humanities and Social Sciences |
| Issue: |
1 |
| Start Page: |
251 |
| End Page: |
266 |