This study examines the information dissemination process across 25 major global market indices during the times of COVID-19 pandemic spread. The results suggest that the information from non-systematic sources contributed to the price decline and increased volatility. In contrast, the systematic information lowered the volatility and facilitated the recovery process towards more stable markets. These results have important implications for policymakers and regulators in the development of efficient markets.

中文翻译：

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COVID-19大流行期间全球信息传播

这项研究考察了COVID-19大流行传播期间跨25个主要全球市场指数的信息传播过程。结果表明，来自非系统性来源的信息导致价格下跌和波动加剧。相反，系统的信息降低了波动性，并促进了向更稳定市场的复苏过程。这些结果对政策制定者和监管者在有效市场发展中具有重要意义。