Purpose: The purpose of this paper is to investigate the impact of the global coronavirus (COVID-19) pandemic on stock market liquidity, while taking into account the depth and tightness dimensions Design/methodology/approach: The author used a panel data regression on stock market dataset, representing 314 listed firms operating in six Middle East and North African (MENA) countries from February to May 2020 Findings: The regression results on the overall sample indicate that the liquidity related to the depth measure was positively correlated with the growth in the confirmed number of cases and deaths and stringency index Moreover, the market depth was positively related to the confirmed cases of COVID-19 The results also indicate that the liquidity of small cap and big cap firms was significantly impacted by the confirmed number of cases, while the stringency index is only significant for the liquidity depth measure Moreover, the results regarding sectors and country level analysis confirmed that COVID-19 had a significant and negative impact of stock market liquidity Research limitations/implications: This paper confirms that the global coronavirus pandemic has decreased the stock market liquidity in terms of both the depth and the tightness dimensions Originality/value: While most empirical papers focused on the impact of the COVID-19 global pandemic on stock market returns, this paper investigated liquidity chock at firm level in the MENA region using both tightness and depth dimensions © 2020, Emerald Publishing Limited

中文翻译：

---

中东和北非国家的股市流动性、大规模封锁和 COVID-19 全球大流行病的关系

目的：本文的目的是调查全球冠状病毒（COVID-19）大流行对股市流动性的影响，同时考虑深度和紧密度维度 设计/方法/途径：作者使用面板数据回归股票市场数据集，代表 2020 年 2 月至 5 月在中东和北非 (MENA) 六个国家/地区运营的 314 家上市公司 调查结果：总体样本的回归结果表明，与深度度量相关的流动性与确诊病例数和死亡病例数和严格指数此外，市场深度与确诊的COVID-19病例呈正相关结果还表明，小盘股和大盘股公司的流动性受到确诊病例数的显着影响，而严格指数仅对流动性深度衡量指标有意义此外，有关部门和国家层面的分析结果证实，COVID-19 对股市流动性产生了显着的负面影响 研究局限性/影响：本文证实全球冠状病毒大流行在深度和紧度维度方面都降低了股市流动性 原创性/价值：虽然大多数实证论文都关注 COVID-19 全球大流行对股市回报的影响，但本文调查了公司层面的流动性阻塞MENA 地区同时使用紧密度和深度尺寸 © 2020, Emerald Publishing Limited有关部门和国家层面的分析结果证实 COVID-19 对股市流动性产生了显着的负面影响 研究局限性/影响：本文证实，全球冠状病毒大流行在深度和流动性方面都降低了股市流动性紧密度维度 原创性/价值：虽然大多数实证论文都关注 COVID-19 全球大流行对股市回报的影响，但本文使用紧密度和深度维度调查了 MENA 地区公司层面的流动性阻塞 © 2020，Emerald Publishing Limited有关部门和国家层面的分析结果证实 COVID-19 对股市流动性产生了显着的负面影响 研究局限性/影响：本文证实，全球冠状病毒大流行在深度和流动性方面都降低了股市流动性紧密度维度 原创性/价值：虽然大多数实证论文都关注 COVID-19 全球大流行对股市回报的影响，但本文使用紧密度和深度维度调查了 MENA 地区公司层面的流动性阻塞 © 2020，Emerald Publishing Limited本文证实，全球冠状病毒大流行在深度和紧度维度上都降低了股市流动性 原创性/价值：虽然大多数实证论文都集中在 COVID-19 全球大流行对股市回报的影响上，但本文使用紧密度和深度维度调查 MENA 地区公司层面的流动性阻塞 © 2020, Emerald Publishing Limited本文证实，全球冠状病毒大流行在深度和紧度维度上都降低了股市流动性 原创性/价值：虽然大多数实证论文都集中在 COVID-19 全球大流行对股市回报的影响上，但本文使用紧密度和深度维度调查 MENA 地区公司层面的流动性阻塞 © 2020, Emerald Publishing Limited