ABSTRACT

In this note, we show that the stock markets do not always incorporate all the available information because in many cases they slowly evaluate the news. Using simple statistical analysis, we show that the response of the markets to the available information in certain time periods is irrational and inefficient. The COVID-19 outbreak gives financial economists an example of health risk underestimation, and of an unexpectedly slow response during a stress period; issues that should be examined in the future under a behavioral view.

中文翻译：

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COVID-19时代的健康风险和有效的市场假设

摘要

在此注释中，我们表明股票市场并不总是包含所有可用信息，因为在许多情况下它们会慢慢评估新闻。通过简单的统计分析，我们显示出市场在特定时间段内对可用信息的响应是不合理且效率低下的。COVID-19疫情为金融经济学家提供了一个健康风险低估示例，以及在压力时期出乎意料的缓慢响应。将来应该从行为角度检查的问题。