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Published on: November 10, 2023
COVID-19 pandemic and stock market performance: A comparative study of emerging economies
Michael Insaidoo1, Assad Ullah2, Raymond K Dziwornu1
1Department of Banking and Finance, University of Professional Studies, Accra, Ghana.
Abstract:
The paper investigates the co-movement of COVID-19 pandemic and performance of stock markets of four emerging economies. The Quantile-on-Quantile regression model was applied to daily share prices of stock markets from March 13, 2020 to November 30, 2021 in these economies. The results indicate varied relationships across various quantiles of COVID-19 cases and share prices. Whilst both positive and negative relationships are established at different quantiles of share prices for Brazil and Kenya, negative co-movements are recorded for India and South Africa for all quantiles of share prices. The varying dependence between COVID-19 and stock markets provide critical insights to policy makers.
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