ABSTRACT

As the coronavirus pandemic (COVID-19) has amplified so has country responses to it. With COVID-19 taking its toll on humans, as reflected in the number of people infected by, and deaths from, COVID-19, countries responded by locking down economic activity and peoples movement, imposing travel bans, and implementing stimulus packages to cushion the unprecedented slowdown in economic activity and loss of jobs. This article provides a commentary on how the most active financial indicator – namely, the stock price – reacted in real-time to different stages in COVID-19’s evolution. We argue that, as with any unexpected news, markets over-react and as more information becomes available and people understand the ramifications more broadly the market corrects itself. This is our hypothesis which needs robust empirical verification.

摘要

随着冠状病毒大流行（COVID-19）的扩大，国家对此也做出了反应。从COVID-19感染人数和死亡人数来看，COVID-19造成了严重的人员伤亡，各国的应对措施是锁定经济活动和人民流动，实施旅行禁令并实施刺激计划以缓解经济活动史无前例的放缓和失业。本文对最活跃的财务指标（即股票价格）如何实时响应COVID-19演变的不同阶段提供了评论。我们认为，与任何意外消息一样，市场反应过度，并且随着越来越多的信息可用，人们越来越广泛地理解后果，市场会自行纠正。这是我们的假设，需要强有力的经验验证。