How to cite this paper
Nelson, S., Danquah, R., Arhin, I., Achaa, L., Sumo, P & Nweze, C. (2023). Mixed reactions of Africa regional stock markets to COVID-19 pandemic: events study analysis.Accounting, 9(3), 169-182.
Refrences
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Adu-Gyamfi, S., Brenya, E., Gyasi, R. M., Abass, K., Darkwa, B. D., Nimoh, M., & Tomdi, L. (2021). A COVID in the wheels of the world: A contemporary history of a pandemic in Africa. Research in Globalization, 3(April), 100043. https://doi.org/10.1016/j.resglo.2021.100043
Al-Qudah, A. A., & Houcine, A. (2021). Stock markets’ reaction to COVID-19: evidence from the six WHO regions. Journal of Economic Studies. https://doi.org/10.1108/JES-09-2020-0477
Alzyadat, J. A., & Asfoura, E. (2021). The Effect of COVID-19 Pandemic on Stock Market: An Empirical Study in Saudi Arabia. Journal of Asian Finance, Economics and Business, 8(5), 913–921. https://doi.org/10.13106/jafeb.2021.vol8.no5.0913
Amin, A., Arshad, M., Sultana, N., & Raoof, R. (2021). Examination of impact of COVID-19 on stock market: evidence from American peninsula. Journal of Economic and Administrative Sciences, ahead-of-p(ahead-of-print). https://doi.org/10.1108/jeas-07-2020-0127
Anh, D. L. T., & Gan, C. (2020). The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam. Journal of Economic Studies, 48(4), 836–851. https://doi.org/10.1108/JES-06-2020-0312
Anyanwu, J. C., & Salami, A. O. (2021). The impact of COVID-19 on African economies: An introduction. African Development Review, 33(S1), S1–S16. https://doi.org/https://doi.org/10.1111/1467-8268.12531
Bisson, L., & Hambleton, T. (2020). COVID-19 Impact on West African Value Chains. Clingendael Institute. http://www.jstor.org/stable/resrep25675
Brenner, M. (1979). The Sensitivity of the Efficient Market Hypothesis to Alternative Specifications of the Market Model. The Journal of Finance, 34(4), 915–929. https://doi.org/10.1111/j.1540-6261.1979.tb03444.x
Brown, S. J., & Warner, J. B. (1985). Using daily stock returns. The case of event studies. Journal of Financial Economics, 14(1), 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1997). Event-Study Analysis. In The Econometrics of Financial Markets (pp. 149–180). Princeton University Press, 41 Princeton Street, Princeton, New Jersey 08540. https://doi.org/10.2307/j.ctt7skm5.9
Chowdhury, E. K., Khan, I. I., & Dhar, B. K. (2021). Catastrophic impact of Covid-19 on the global stock markets and economic activities. Business and Society Review, n/a(n/a). https://doi.org/https://doi.org/10.1111/basr.12219
Dias, R., & Pereira, J. M. (2021). The Impact of the COVID-19 Pandemic on Stock Markets. International Journal of Entrepreneurship and Governance in Cognitive Cities, 1(2), 57–70. https://doi.org/10.4018/ijegcc.2020070105
Dyall, J., Gross, R., Kindrachuk, J., Johnson, R. F., Olinger, G. G., Hensley, L. E., Frieman, M. B., & Jahrling, P. B. (2017). Middle East Respiratory Syndrome and Severe Acute Respiratory Syndrome: Current Therapeutic Options and Potential Targets for Novel Therapies. Drugs, 77(18), 1935–1966. https://doi.org/10.1007/s40265-017-0830-1
Dyckman, T., Philbrick, D., & Stephan, J. (1984). A Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach. Journal of Accounting Research, 22(May), 1–30. https://doi.org/10.2307/2490856
Ekwunife, R. A., & Ukeje, I. O. (2020). Global Encyclopedia of Public Administration, Public Policy, and Governance. Global Encyclopedia of Public Administration, Public Policy, and Governance, March. https://doi.org/10.1007/978-3-319-31816-5
Insaidoo, M., Arthur, L., Amoako, S., & Andoh, F. K. (2021). Stock market performance and COVID-19 pandemic: evidence from a developing economy. Journal of Chinese Economic and Foreign Trade Studies, 14(1), 60–73. https://doi.org/10.1108/JCEFTS-08-2020-0055
Jamaani, F. (2021). The single and joint effects of financial intervention policies introduced by governments and power distance culture on returns of equity markets during the COVID-19. Cross Cultural and Strategic Management. https://doi.org/10.1108/CCSM-02-2021-0022
Orhun, E. (2021). The impact of COVID-19 global health crisis on stock markets and understanding the cross-country effects. Pacific Accounting Review. https://doi.org/10.1108/PAR-07-2020-0096
Ozili, P. K., & Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal, 99850. https://doi.org/10.2139/ssrn.3562570
Ozkan, O. (2021). Impact of COVID-19 on stock market efficiency: Evidence from developed countries. Research in International Business and Finance, 58(August 2020), 101445. https://doi.org/10.1016/j.ribaf.2021.101445
Raifu, I. A., Kumeka, T. T., & Aminu, A. (2021). Reaction of stock market returns to COVID-19 pandemic and lockdown policy: evidence from Nigerian firms stock returns. Future Business Journal, 7(1). https://doi.org/10.1186/s43093-021-00080-x
Rehman, M. U., Kang, S. H., Ahmad, N., & Vo, X. V. (2021). The impact of COVID-19 on the G7 stock markets: A time-frequency analysis. North American Journal of Economics and Finance, 58(June), 101526. https://doi.org/10.1016/j.najef.2021.101526
Sadiq, M., Hsu, C. C., Zhang, Y. Q., & Chien, F. (2021). COVID-19 fear and volatility index movements: empirical insights from ASEAN stock markets. Environmental Science and Pollution Research, February 2020. https://doi.org/10.1007/s11356-021-15064-1
Seven, Ü., & Yılmaz, F. (2021). World equity markets and COVID-19: Immediate response and recovery prospects. In Research in International Business and Finance (Vol. 56). https://doi.org/10.1016/j.ribaf.2020.101349
Shaikh, I. (2021). Impact of COVID-19 pandemic on the energy markets. Economic Change and Restructuring. https://doi.org/10.1007/s10644-021-09320-0
Shipalana, P., & O’riordan, A. (2020). Impact of Covid-19 on Financial Stability in Africa. South African Institute of International Affairs. http://www.jstor.org/stable/resrep27018
Smales, L. A. (2021). Investor attention and the response of US stock market sectors to the COVID-19 crisis. Review of Behavioral Finance, 13(1), 20–39. https://doi.org/10.1108/RBF-06-2020-0138
Susilawati, S., Falefi, R., & Purwoko, A. (2020). Impact of COVID-19’s Pandemic on the Economy of Indonesia. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 1147–1156. https://doi.org/10.33258/birci.v3i2.954
Takyi, P. O., & Bentum-Ennin, I. (2021). The impact of COVID-19 on stock market performance in Africa: A Bayesian structural time series approach. Journal of Economics and Business, 115, 105968. https://doi.org/10.1016/j.jeconbus.2020.105968
Verma, P., Dumka, A., Bhardwaj, A., Ashok, A., Kestwal, M. C., & Kumar, P. (2021). A Statistical Analysis of Impact of COVID19 on the Global Economy and Stock Index Returns. SN Computer Science, 2(1), 27. https://doi.org/10.1007/s42979-020-00410-w
Wahyuni, D. S. (2020). Coronavirus (Covid-19) and Stock Markets: the Effects of the Pandemic on the Global Economy. SELL Journal, 5(1), 55.
WHO. (2020). Statement on the second meeting of the International Health Regulations (2005) Emergency Committee regarding the outbreak of novel coronavirus (2019-nCoV). The WHO Official Website. https://www.who.int/news/item/30-01-2020-statement-on-the-second-meeting-of-the-international-health-regulations-(2005)-emergency-committee-regarding-the-outbreak-of-novel-coronavirus-(2019-ncov)
Worldometer. (2021). Coronavirus Worldwide update. www.worldometers.info/coronavirus/worldwide-graphs/#total-cases
Wu, W., Lee, C.-C., Xing, W., & Ho, S.-J. (2021). The impact of the COVID-19 outbreak on Chinese-listed tourism stocks. Financial Innovation, 7(1), 22. https://doi.org/10.1186/s40854-021-00240-6
Zeren, F., & Hizarci, A. (2020). the Impact of Covid-19 Coronavirus on Stock Markets: Evidence From Selected Countries. Muhasebe ve Finans İncelemeleri Dergisi, March 2021. https://doi.org/10.32951/mufider.706159
Ziemba, B. (2020). The Covid-19 Crash in the US Stock Market. In Wilmott Magazine (Vol. 2020, Issue 109). John Wiley & Sons, Ltd. https://doi.org/https://doi.org/10.1002/wilm.10870
Adu-Gyamfi, S., Brenya, E., Gyasi, R. M., Abass, K., Darkwa, B. D., Nimoh, M., & Tomdi, L. (2021). A COVID in the wheels of the world: A contemporary history of a pandemic in Africa. Research in Globalization, 3(April), 100043. https://doi.org/10.1016/j.resglo.2021.100043
Al-Qudah, A. A., & Houcine, A. (2021). Stock markets’ reaction to COVID-19: evidence from the six WHO regions. Journal of Economic Studies. https://doi.org/10.1108/JES-09-2020-0477
Alzyadat, J. A., & Asfoura, E. (2021). The Effect of COVID-19 Pandemic on Stock Market: An Empirical Study in Saudi Arabia. Journal of Asian Finance, Economics and Business, 8(5), 913–921. https://doi.org/10.13106/jafeb.2021.vol8.no5.0913
Amin, A., Arshad, M., Sultana, N., & Raoof, R. (2021). Examination of impact of COVID-19 on stock market: evidence from American peninsula. Journal of Economic and Administrative Sciences, ahead-of-p(ahead-of-print). https://doi.org/10.1108/jeas-07-2020-0127
Anh, D. L. T., & Gan, C. (2020). The impact of the COVID-19 lockdown on stock market performance: evidence from Vietnam. Journal of Economic Studies, 48(4), 836–851. https://doi.org/10.1108/JES-06-2020-0312
Anyanwu, J. C., & Salami, A. O. (2021). The impact of COVID-19 on African economies: An introduction. African Development Review, 33(S1), S1–S16. https://doi.org/https://doi.org/10.1111/1467-8268.12531
Bisson, L., & Hambleton, T. (2020). COVID-19 Impact on West African Value Chains. Clingendael Institute. http://www.jstor.org/stable/resrep25675
Brenner, M. (1979). The Sensitivity of the Efficient Market Hypothesis to Alternative Specifications of the Market Model. The Journal of Finance, 34(4), 915–929. https://doi.org/10.1111/j.1540-6261.1979.tb03444.x
Brown, S. J., & Warner, J. B. (1985). Using daily stock returns. The case of event studies. Journal of Financial Economics, 14(1), 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1997). Event-Study Analysis. In The Econometrics of Financial Markets (pp. 149–180). Princeton University Press, 41 Princeton Street, Princeton, New Jersey 08540. https://doi.org/10.2307/j.ctt7skm5.9
Chowdhury, E. K., Khan, I. I., & Dhar, B. K. (2021). Catastrophic impact of Covid-19 on the global stock markets and economic activities. Business and Society Review, n/a(n/a). https://doi.org/https://doi.org/10.1111/basr.12219
Dias, R., & Pereira, J. M. (2021). The Impact of the COVID-19 Pandemic on Stock Markets. International Journal of Entrepreneurship and Governance in Cognitive Cities, 1(2), 57–70. https://doi.org/10.4018/ijegcc.2020070105
Dyall, J., Gross, R., Kindrachuk, J., Johnson, R. F., Olinger, G. G., Hensley, L. E., Frieman, M. B., & Jahrling, P. B. (2017). Middle East Respiratory Syndrome and Severe Acute Respiratory Syndrome: Current Therapeutic Options and Potential Targets for Novel Therapies. Drugs, 77(18), 1935–1966. https://doi.org/10.1007/s40265-017-0830-1
Dyckman, T., Philbrick, D., & Stephan, J. (1984). A Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach. Journal of Accounting Research, 22(May), 1–30. https://doi.org/10.2307/2490856
Ekwunife, R. A., & Ukeje, I. O. (2020). Global Encyclopedia of Public Administration, Public Policy, and Governance. Global Encyclopedia of Public Administration, Public Policy, and Governance, March. https://doi.org/10.1007/978-3-319-31816-5
Insaidoo, M., Arthur, L., Amoako, S., & Andoh, F. K. (2021). Stock market performance and COVID-19 pandemic: evidence from a developing economy. Journal of Chinese Economic and Foreign Trade Studies, 14(1), 60–73. https://doi.org/10.1108/JCEFTS-08-2020-0055
Jamaani, F. (2021). The single and joint effects of financial intervention policies introduced by governments and power distance culture on returns of equity markets during the COVID-19. Cross Cultural and Strategic Management. https://doi.org/10.1108/CCSM-02-2021-0022
Orhun, E. (2021). The impact of COVID-19 global health crisis on stock markets and understanding the cross-country effects. Pacific Accounting Review. https://doi.org/10.1108/PAR-07-2020-0096
Ozili, P. K., & Arun, T. (2020). Spillover of COVID-19: Impact on the Global Economy. SSRN Electronic Journal, 99850. https://doi.org/10.2139/ssrn.3562570
Ozkan, O. (2021). Impact of COVID-19 on stock market efficiency: Evidence from developed countries. Research in International Business and Finance, 58(August 2020), 101445. https://doi.org/10.1016/j.ribaf.2021.101445
Raifu, I. A., Kumeka, T. T., & Aminu, A. (2021). Reaction of stock market returns to COVID-19 pandemic and lockdown policy: evidence from Nigerian firms stock returns. Future Business Journal, 7(1). https://doi.org/10.1186/s43093-021-00080-x
Rehman, M. U., Kang, S. H., Ahmad, N., & Vo, X. V. (2021). The impact of COVID-19 on the G7 stock markets: A time-frequency analysis. North American Journal of Economics and Finance, 58(June), 101526. https://doi.org/10.1016/j.najef.2021.101526
Sadiq, M., Hsu, C. C., Zhang, Y. Q., & Chien, F. (2021). COVID-19 fear and volatility index movements: empirical insights from ASEAN stock markets. Environmental Science and Pollution Research, February 2020. https://doi.org/10.1007/s11356-021-15064-1
Seven, Ü., & Yılmaz, F. (2021). World equity markets and COVID-19: Immediate response and recovery prospects. In Research in International Business and Finance (Vol. 56). https://doi.org/10.1016/j.ribaf.2020.101349
Shaikh, I. (2021). Impact of COVID-19 pandemic on the energy markets. Economic Change and Restructuring. https://doi.org/10.1007/s10644-021-09320-0
Shipalana, P., & O’riordan, A. (2020). Impact of Covid-19 on Financial Stability in Africa. South African Institute of International Affairs. http://www.jstor.org/stable/resrep27018
Smales, L. A. (2021). Investor attention and the response of US stock market sectors to the COVID-19 crisis. Review of Behavioral Finance, 13(1), 20–39. https://doi.org/10.1108/RBF-06-2020-0138
Susilawati, S., Falefi, R., & Purwoko, A. (2020). Impact of COVID-19’s Pandemic on the Economy of Indonesia. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(2), 1147–1156. https://doi.org/10.33258/birci.v3i2.954
Takyi, P. O., & Bentum-Ennin, I. (2021). The impact of COVID-19 on stock market performance in Africa: A Bayesian structural time series approach. Journal of Economics and Business, 115, 105968. https://doi.org/10.1016/j.jeconbus.2020.105968
Verma, P., Dumka, A., Bhardwaj, A., Ashok, A., Kestwal, M. C., & Kumar, P. (2021). A Statistical Analysis of Impact of COVID19 on the Global Economy and Stock Index Returns. SN Computer Science, 2(1), 27. https://doi.org/10.1007/s42979-020-00410-w
Wahyuni, D. S. (2020). Coronavirus (Covid-19) and Stock Markets: the Effects of the Pandemic on the Global Economy. SELL Journal, 5(1), 55.
WHO. (2020). Statement on the second meeting of the International Health Regulations (2005) Emergency Committee regarding the outbreak of novel coronavirus (2019-nCoV). The WHO Official Website. https://www.who.int/news/item/30-01-2020-statement-on-the-second-meeting-of-the-international-health-regulations-(2005)-emergency-committee-regarding-the-outbreak-of-novel-coronavirus-(2019-ncov)
Worldometer. (2021). Coronavirus Worldwide update. www.worldometers.info/coronavirus/worldwide-graphs/#total-cases
Wu, W., Lee, C.-C., Xing, W., & Ho, S.-J. (2021). The impact of the COVID-19 outbreak on Chinese-listed tourism stocks. Financial Innovation, 7(1), 22. https://doi.org/10.1186/s40854-021-00240-6
Zeren, F., & Hizarci, A. (2020). the Impact of Covid-19 Coronavirus on Stock Markets: Evidence From Selected Countries. Muhasebe ve Finans İncelemeleri Dergisi, March 2021. https://doi.org/10.32951/mufider.706159
Ziemba, B. (2020). The Covid-19 Crash in the US Stock Market. In Wilmott Magazine (Vol. 2020, Issue 109). John Wiley & Sons, Ltd. https://doi.org/https://doi.org/10.1002/wilm.10870