Stock markets response to contagious disease: Evidence on the impact of COVID‐19 in the three worst hit African economies
研究了COVID-19病例增长和死亡增长以及政府封锁与严格措施对尼日利亚、南非和埃及股市的影响，发现病例增长比死亡增长对股市负面影响更大，政府严格政策在尼日利亚和南非有负面效应，在埃及则为正面。
Abstract This study analyses whether Coronavirus health shocks and government responses in terms of lockdown policy and stringency measures impact stock markets in Africa. We found that stock markets appeared to be more negatively responsive to growth in total number of COVID‐19 reported cases than the growth in deaths in the case of Nigeria and South Africa. While for Egypt, the stock market reacted significantly negative to both COVID‐19‐related indicators. Our results further show that government stringency policy has significant negative effect on stock market returns in the case of Nigeria and South Africa, but positive in the case of Egypt.