Nastroje inwestorów wywołane przez COVID-19 i reakcje rynku w ekstremalnych warunkach meteorologicznych: dowody z sektora czystej energii w regionie Azji i Pacyfiku
Farzan Yahya
farzan.yahya@yahoo.comDepartment of Business Administration, Institute of Southern Punjab, 9-KM, Bosan Road, Khayab-e-Yusuf, Multan (Pakistan)
https://orcid.org/0000-0001-5666-1279
Zhang Shaohua
School of Economics & Statistics, Guangzhou University (Chiny)
Muhammad Waqas
School of Management, Jiangsu University (Chiny)
Zhengde Xiong
School of Business Administration, Hunan University, Changsha (Chiny)
Abstrakt
Bezprecedensowy globalny kryzys gospodarczy i społeczny wywołany wybuchem koronawirusa uderzył także w sektor energetyczny. Korzystając z modelu dynamicznego, zbadaliśmy wpływ COVID-19 na nastroje inwestorów i stopy zwrotu w sektorze czystej energii w regionie Azji i Pacyfiku. Odkąd COVID-19 wpłynął negatyw-nie na handel i przyczynił się do gwałtownego spadku ceny ropy, wiele gospodarek wsparło odnawialne źródła energii, aby zaspokoić zapotrzebowanie na energię. Wyniki pokazują jednak, że koronawirus negatywnie wpływa na stopy zwrotu. Stwierdzamy również negatywny wpływ zanieczyszczenia powietrza na stopy zwrotu. Z drugiej strony nie widzimy istotnego wpływu zmian temperatury ani na nastroje inwestorów, ani na stopy zwrotu z czystej energii. Akcje czystej energii były postrzegane jako bardziej zrównoważone i mniej podatne na wstrząsy zewnętrzne, jednak strach i pesymizm inwestorów wywołany koronawirusem może wpłynąć nega-tywnie na sektor energii odnawialnej.
Słowa kluczowe:
COVID-19, nastroje inwestorów, zanieczyszczenia powietrza, temperatura, rynek energii odnawialnejBibliografia
AKHTARUZZAMAN M., BOUBAKER S., SENSOY A., 2020, Financial contagion during COVID–19 crisis, in: Finance Research Letters, 101604.
Google Scholar
AL-AWADHI A. M., AL-SAIFI K., AL-AWADHI A., ALHAMADI S., 2020, Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns, in: Journal of Behavioral and Experimental Finance, 100326.
Google Scholar
ALBULESCU C., 2020, Coronavirus and oil price crash, in: SSRN 3553452.
Google Scholar
ALBUQUERQUE R., KOSKINEN Y., YANG S., ZHANG C., 2020, Resiliency of environmental and social stocks: an analysis of the exogenous COVID19 market crash, in: The Review of Corporate Finance Studies, cfaa011.
Google Scholar
ALI M., ALAM N., RIZVI S. A. R., 2020, Coronavirus (COVID-19) – An epidemic or pandemic for financial markets, in: Journal of Behavioral and Experimental Finance, 100341.
Google Scholar
ALONSO-BORREGO C., ARELLANO M., 1999. Symmetrically normalized instrumental-variable estimation using panel data, in: Journal of Business & Economic Statistics, 17(1), p. 36-49.
Google Scholar
APERGIS N., GABRIELSEN A., SMALES L. A., 2016, (Unusual) weather and stock returns – I am not in the mood for mood: further evidence from international markets, in: Financial Markets and Portfolio Management, 30(1), p. 63-94.
Google Scholar
ASHRAF B. N., 2020, Stock markets’ reaction to COVID-19: cases or fatalities?, in: Research in International Business and Finance, 101249.
Google Scholar
BAKER M., WURGLER J., 2006, Investor sentiment and the cross‐section of stock returns, in: The journal of Finance, 61(4), p. 1645-1680.
Google Scholar
BALTAGI B. H. (ed.), 2015, The Oxford handbook of panel data, Oxford Handbooks.
Google Scholar
BI J., ZHU Y., 2020, Value at risk, cross-sectional returns and the role of investor sentiment, in: Journal of Empirical Finance, 56, p. 1-18.
Google Scholar
BIROL F., 2020, The coronavirus crisis reminds us that electricity is more indispensable than ever, International Energy Agency.
Google Scholar
BLUNDELL R., BOND S., 1998, Initial conditions and moment restrictions in dynamic panel data models, in: Journal of econometrics, 87(1), p. 115-143.
Google Scholar
BOURDEAU-BRIEN M., KRYZANOWSKI L., 2017, The impact of natural disasters on the stock returns and volatilities of local firms, in: The Quarterly Review of Economics and Finance, 63, p. 259-270.
Google Scholar
COHEN M. J., 2020, Does the COVID-19 outbreak mark the onset of a sustainable consumption transition?, in: Sustainability: Science, Practice and Policy, 16(1).
Google Scholar
COIBION O., GORODNICHENKO Y., WEBER M., 2020, The Cost of the COVID-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending (No. w27141), National Bureau of Economic Research.
Google Scholar
CROSS F., 1973, The behavior of stock prices on Fridays and Mondays, in: Financial analysts journal, 29(6), p. 67-69.
Google Scholar
DEVI S., 2020, Travel restrictions hampering COVID-19 response, in: The Lancet, 395(10233), p. 1331-1332.
Google Scholar
DING X., GUO M., YANG T., 2020, Air Pollution, Local Bias, and Stock Returns, in: Finance Research Letters, 101576.
Google Scholar
DOWLING M., LUCEY B. M., 2008, Robust global mood influences in equity pricing, in: Journal of Multinational Financial Management, 18(2), p. 145-164.
Google Scholar
FLOROS C., 2011, On the relationship between weather and stock market returns, in: Studies in Economics and Finance, 28(1), p. 5-13.
Google Scholar
HENS T., RIEGE M. O., 2016, Financial economics: A concise introduction to classical and behavioral finance, Springer, New York.
Google Scholar
ICHEV R., MARINC M., 2018, Stock prices and geographic proximity of information: Evidence from the Ebola outbreak, in: International Review of Financial Analysis, 56, p. 153-166.
Google Scholar
IEA, 2020, Covid-19 impact on electricity, httpps://www.iea.org/reports/covid-19-impact-on-electricity, (1.09.2020).
Google Scholar
KAMSTRA M. J., KRAMER L. A., LEVI M. D., 2000, Losing sleep at the market: The daylight saving anomaly, in: American Economic Review, 90(4), p. 1005-1011.
Google Scholar
KANDA W., KIVIMAA P., 2020, What opportunities could the COVID-19 outbreak offer for sustainability transitions research on electricity and mobility?, in: Energy Research & Social Science, 68, 101666.
Google Scholar
KAPLANSKI G., LEVY H., 2010, Sentiment and stock prices: The case of aviation disasters, in: Journal of Financial Economics, 95(2), p. 174-201.
Google Scholar
LEPORI G. M., 2016, Air pollution and stock returns: Evidence from a natural experiment, in: Journal of Empirical Finance, 35, p. 25-42.
Google Scholar
LI Q., PENG C. H., 2016, The stock market effect of air pollution: evidence from China, in: Applied Economics, 48(36), p. 3442-3461.
Google Scholar
LIU H., MANZOOR A., WANG C., ZHANG L., MANZOOR Z., 2020, The COVID-19 Outbreak and Affected Countries Stock Markets Response, in: International Journal of Environmental Research and Public Health, 17(8), 2800.
Google Scholar
MCGURK Z., NOWAK A., HALL J. C., 2020, Stock returns and investor sentiment: textual analysis and social media, in: Journal of Economics and Finance, 44, p. 458-485.
Google Scholar
MYLENKA T., NOVYK B., 2020, Impact of Covid19 on the global energy sector, in: PV Magazine, https://www.pv-magazine.com/2020/04/24/impactof-covid-19-on-the-global-energy-sector/ (1.09.2020).
Google Scholar
OMRI A., NGUYEN D. K., 2014, On the determinants of renewable energy consumption: International evidence, in: Energy, 72, p. 554-560.
Google Scholar
PAPAKYRIAKOU P., SAKKAS A., TAOUSHIANIS Z., 2019, The impact of terrorist attacks in G7 countries on international stock markets and the role of investor sentiment, in: Journal of International Financial Markets, Institutions and Money, 61, p. 143-160.
Google Scholar
QIANG Z., SHU-E, Y., 2009, Noise trading, investor sentiment volatility, and stock returns, in: Systems Engineering-Theory & Practice, 29(3), p. 40-47.
Google Scholar
ROODMAN D., 2009, A note on the theme of too many instruments, in: Oxford Bulletin of Economics and statistics, 71(1), p. 135-158.
Google Scholar
SEOK S. I., CHO H., RYU D., 2019, Firm-specific investor sentiment and daily stock returns, in: The North American Journal of Economics and Finance, 50, 100857.
Google Scholar
SHEIKH M. F., SHAH S.Z.A., MAHMOOD S., 2017, Weather effects on stock returns and volatility in South Asian markets, in: Asia-Pacific Financial Markets, 24(2), p. 75-107.
Google Scholar
SOHRABI C., ALSAFI Z., O’NEILL N., KHAN M., KERWAN A., AL-JABIR A., AGHA R., ET AL., 2020, World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19), in: International Journal of Surgery, 76, p. 71-76.
Google Scholar
WOOLDRIDGE J. M., 2010, Econometric analysis of cross section and panel data, MIT press.
Google Scholar
WU Q., HAO Y., LU J., 2018, Air pollution, stock returns, and trading activities in China, Pacific-Basin Finance Journal, 51, p. 342-365.
Google Scholar
YAHYA F., RAFIQ M., 2019, Unraveling the contemporary drivers of renewable energy consumption: Evidence from regime types, in: Environmental Progress & Sustainable Energy, 38(5), 13178.
Google Scholar
YAHYA F., RAFIQ M., 2020, The Influence of Air Pollution and Clean Energy on Tuberculosis: The Moderating Role of Urbanization, in: Iranian Journal of Public Health, 49(6), p. 1106-1111.
Google Scholar
YONGJIAN Z., JINGU X., FENGMING H., LIQING C., 2020, Association between short-term exposure to air pollution and COVID-19 infection: Evidence from China, in: Science of the total environment, 138704.
Google Scholar
ZHANG D., HU M., JI Q., 2020, Financial markets under the global pandemic of COVID-19, in: Finance Research Letters, 101528.
Google Scholar
Autorzy
Farzan Yahyafarzan.yahya@yahoo.com
Department of Business Administration, Institute of Southern Punjab, 9-KM, Bosan Road, Khayab-e-Yusuf, Multan Pakistan
https://orcid.org/0000-0001-5666-1279
Autorzy
Zhang ShaohuaSchool of Economics & Statistics, Guangzhou University Chiny
Autorzy
Muhammad WaqasSchool of Management, Jiangsu University Chiny
Autorzy
Zhengde XiongSchool of Business Administration, Hunan University, Changsha Chiny
Statystyki
Abstract views: 37PDF downloads: 12
Licencja
Utwór dostępny jest na licencji Creative Commons Uznanie autorstwa – Na tych samych warunkach 4.0 Miedzynarodowe.