Journal of Economics and Business

ISSN 2615-3726 (Online)

ISSN 2621-5667 (Print)

Published: 12 August 2020

The Effect of WHO COVID-19 Announcement on Asian Stock Markets Returns: An Event Study Analysis

Musaed Sulaiman AlAli

The Public Institute of Applied Education and Training (PAAET), Kuwait

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Pages: 1051-1054

Keywords: COVID-19, Asian Stock Markets, Event Study, Pandemic, Stock Markets Returns.


This study aims to examine the effect of World Health Organization (WHO) declaring COVID-19 as a global pandemic on the stock market returns of the five largest Asian stock markets using event study analysis. Results obtained from this research shows that the WHO announcement had a significant negative effect on stock markets returns on major Asian stock markets.


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