We examine the oil–stock nexus in 24 countries amidst the COVID-19 pandemic and test for threshold effects on oil prices using Hansen (1999) panel dynamic threshold model and recent extensions of Kremer et al. (2013) and Seo and Shin (2016). We find evidence of nonlinearities and threshold effects in oil prices. As an addition to literature, our estimated model shows that stock market prices react in a regime-style manner, when the joint effects of oil prices, exchange rate changes, number of reported cases, and the number of death due to COVID-19 pandemic are analyzed. This is in support of the theoretical model of investor sentiment by Barberis et al. (1998). Therefore, we are of the opinion that policymakers, governments, and investors in their business decision-making process should put into consideration and also observe changes in the global reported cases alongside the number of deaths and how oil prices are evolving, as the global economy is further affected by the COVID-19 pandemic shock.

我们检查了 24 个国家在 COVID-19 大流行期间的石油与库存关系，并使用 Hansen（1999 年）面板动态阈值模型和 Kremer 等人最近的扩展测试了对油价的阈值效应。(2013) 和 Seo 和 Shin (2016)。我们发现了油价的非线性和阈值效应的证据。作为对文献的补充，我们的估计模型表明，当油价、汇率变化、报告病例数和 COVID-19 大流行导致的死亡人数的共同影响时，股市价格以制度式方式做出反应被分析。这支持 Barberis 等人的投资者情绪理论模型。(1998)。因此，我们认为政策制定者、政府、