We investigate the relationship between the daily release of COVID-19 related announcements, defensive government interventions, and stock market volatility, drawing upon an extended time period of one year, to independently test, confirm and iteratively improve on previous research findings. We categorize stock markets into emerging and developed markets and consider differences and similarities utilizing an asymmetric measure of volatility. We find that there are major differences between these markets with respect to investors’ interpretation of risk in response to daily new confirmed cases, death rates, recovery rates, and different defensive government interventions. We suggest explanations for these differences, in terms of national culture, and the quality of governance. Moreover, the development of Pfizer-BioNTech's vaccine is of immense importance to both markets. The findings have implications for tailoring government responses to crises in country-specific contexts.

我们利用一年的延长时间段，调查每日发布的与 COVID-19 相关的公告、防御性政府干预和股市波动之间的关系，以独立测试、确认和迭代改进之前的研究结果。我们将股票市场分为新兴市场和发达市场，并利用不对称的波动性衡量标准来考虑差异和相似之处。我们发现，这些市场在投资者对每日新增确诊病例、死亡率、康复率和不同防御性政府干预措施的风险解读方面存在重大差异。我们建议从民族文化和治理质量方面对这些差异进行解释。此外，辉瑞-BioNTech 疫苗的开发对这两个市场都非常重要。研究结果对于政府针对特定国家的危机制定应对措施具有重要意义。