This paper intends to know the influence of COVID-19 on the stock markets and economic activities across the world. To achieve the purpose, daily panel data of 12 selective countries covering four continents from January to April 2020 have been collected. The impact on stock markets has been measured by applying the event study method, while the panel vector autoregressive model has been applied to measure the impact on economic activities. The stock index of each country, purchasing managers’ index, COVID-19 variables, namely the number of lockdown days, restriction in internal movement, restriction in international travel, fiscal measure, and confirmed cases have been used. The study observes the serious negative impact of the pandemic on stock market returns. European stock markets are the worst sufferer compared to others. All pandemic variables have a negative impact on stock markets; moreover, lockdown days and restriction on movement have a negative impact on economic activities. This study considers such countries which significantly represent the world economy and are a serious victim of COVID-19 pandemic. The outcome-based recommendations will help governments, regulatory authority, and policymakers to combat the crisis in different dimensions.

中文翻译：

---

Covid-19 对全球股市和经济活动的灾难性影响

本文旨在了解 COVID-19 对全球股市和经济活动的影响。为实现这一目的，我们收集了 2020 年 1 月至 4 月覆盖四大洲的 12 个选定国家的每日面板数据。运用事件研究法测量了对股票市场的影响，运用面板向量自回归模型测量了对经济活动的影响。已使用每个国家的股票指数、采购经理人指数、COVID-19 变量，即封锁天数、内部流动限制、国际旅行限制、财政措施和确诊病例。该研究观察了大流行对股市回报的严重负面影响。与其他市场相比，欧洲股市是受害最严重的市场。所有大流行变量都对股市产生负面影响；此外，封锁日和行动限制对经济活动产生负面影响。本研究认为这些国家在很大程度上代表了世界经济，并且是 COVID-19 大流行的严重受害者。基于结果的建议将帮助政府、监管机构和政策制定者从不同层面应对危机。