Abstract

Due to the arrival of a novel coronavirus, the year 2020 will forever be remembered. It is not hyperbole to state that COVID-19 has affected and infected almost everyone in society and the global community in different ways. However, many parts of the world seem to be improving. Individuals, organisations, and governments are trying to work through some effective strategies. The present study investigates the influence of fluctuation in the oil prices, COVID-19, and daily news-based index on Electronic Arts Inc's stock prices by applying a novel approach entitled Quantile Autoregressive Distributed Lag (QARDL) during 2019–2020. This approach is quite meaningful as it incorporates various quantiles with a comprehensive explanation of overall dependence among stated variables ignored by the traditional models like quantile regression, OLS, ARDL, etc. The study outcomes through QARDL reveal that the error correction coefficient is significant in various quantiles while confirming the long-run linkage among oil price, COVID-19, and EPU. More specifically, the study outcomes confirm a positive linkage (in all the quantiles) between COVID-19 and stock prices of Electronic Arts Inc, whereas a negative connection (for 0.20^th to 0.95^th quantiles) between oil prices and SPI. Furthermore, the Granger causality findings indicate the bidirectional causality between SPI and OIL and between SPI and EPU. Various policy implications are also provided under the present study.

摘要

由于一种新型冠状病毒的到来，2020年将永远被人们铭记。毫不夸张地说，COVID-19 以不同的方式影响和感染了社会和全球社区中的几乎每个人。然而，世界上许多地方似乎正在改善。个人、组织和政府正试图通过一些有效的策略来工作。本研究通过应用一种名为 Quantile Autoregressive Distributed Lag (QARDL) 的新方法，在 2019-2020 年间调查油价、COVID-19 和每日新闻指数波动对 Electronic Arts Inc 股价的影响。这种方法非常有意义，因为它结合了各种分位数，并全面解释了传统模型（如分位数回归、OLS、ARDL、通过 QARDL 的研究结果表明，误差校正系数在各个分位数上都很显着，同时证实了油价、COVID-19 和 EPU 之间的长期联系。更具体地说，研究结果证实了 COVID-19 与 Electronic Arts Inc 的股价之间存在正相关（在所有分位数中），而负相关（对于 0.20^th到 0.95 ^th分位数）在油价和 SPI 之间。此外，格兰杰因果关系研究结果表明 SPI 和 OIL 之间以及 SPI 和 EPU 之间存在双向因果关系。本研究还提供了各种政策影响。