This paper examines relative stock market performance following the onset of the coronavirus pandemic for a sample of 80 stock markets. Weekly data on coronavirus cases and deaths are employed alongside Oxford indices on each nation’s stringency and government support intensity. The results are broken down both by month and by geographical region. The full sample results show that increased coronavirus cases exert the expected overall effect of worsening relative stock market performance, but with little consistent impact of rising deaths. There is some evidence of significantly negative stock market effects arising from lockdowns as reflected in the Oxford stringency index. There are also positive reactions to government support in March and December in the overall sample—combined with some additional pervasive effects seen in mid-2020 in Latin America.

中文翻译：

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冠状病毒大流行期间的相对股票市场表现：病毒与政策影响在80个国家/地区

本文研究了80个股票市场样本中冠状病毒大流行之后相对股票市场的表现。每周都有关于冠状病毒病例和死亡的数据与牛津指数一起用于每个国家的严格程度和政府支持强度。结果按月和按地理区域细分。完整的样本结果显示，冠状病毒病例的增加可发挥预期的总体效果，使相对股市表现恶化，但死亡人数上升的影响却很小。有一些证据表明，由于牛津大学严格指数的锁定，股票市场受到了极大的负面影响。