Research Article
An Empirical Analysis of the Impact of the COVID-19 on China's Tertiary Industry Stock Price Yield——Evidence from Event Study
@INPROCEEDINGS{10.4108/eai.18-11-2022.2326871, author={Qiuran Guo and Yixin Qiu and Yichen Zhao}, title={An Empirical Analysis of the Impact of the COVID-19 on China's Tertiary Industry Stock Price Yield------Evidence from Event Study}, proceedings={Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China}, publisher={EAI}, proceedings_a={ICEMME}, year={2023}, month={2}, keywords={covid-19 tertiary industry financial market emergencies}, doi={10.4108/eai.18-11-2022.2326871} }- Qiuran Guo
Yixin Qiu
Yichen Zhao
Year: 2023
An Empirical Analysis of the Impact of the COVID-19 on China's Tertiary Industry Stock Price Yield——Evidence from Event Study
ICEMME
EAI
DOI: 10.4108/eai.18-11-2022.2326871
Abstract
The COVID-19 pandemic is one of the most significant public health events in recent years and poses a serious challenge to the global economy. Since the initial outbreak of the post-epidemic era, the stock market has experienced a relatively unstable period, and different industries have played different roles in the stock market volatility due to their particularities. With the introduction of policies and the development of COVID-19 vaccines, different industries show the same or different trends. In this background, in this paper, the development trend of the third industry as the research background, with 23 January, February 28, on July 16th for epidemic window node, in biological medicine, food and beverage industry, transportation, travel retail industry as the research object, respectively before the outbreak and five sectors covering of a particular disease index analysis, Select the data of each sector in "Great Wisdom 365" financial software, first establish the regression model of the relationship between returns and stock market portfolio investment returns, and then according to the sample data, estimate the parameters of each industry market model. The dummy variables were constructed according to the pre-event nodes, and the GARCH model was established after the conditional heteroscedastic ARCH test.