COVID-19 Sentiment and the Chinese Stock Market: Evidence from the Official News Media and Sina Weibo

Duan, Yuejiao; Liu, Lanbiao; Wang, Zhuo

doi:10.1016/j.ribaf.2021.101432

Cited by 59 publications

(31 citation statements)

References 29 publications

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“…Because investors' pessimistic sentiments such as anxiety, bad mood, and fear would be catalyzed by the media coverage of drastic events ( Ichev & Marinč, 2018 ). Duan, Liu, and Wang (2021) develop the real-time and forward-looking COVID-19 sentiment indices to capture the moods related to COVID-19 and find that stock returns and turnover rates are positively predicted by the COVID-19 sentiments during the research period. Furthermore, the effects of COVID-19 are amplified by the sentiments.…”

Section: Related Literaturementioning

confidence: 99%

How does China's stock market react to supply chain disruptions from COVID-19?

Wang

Dong

Liu

2022

International Review of Financial Analysis

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Section: Related Literaturementioning

confidence: 99%

How does China's stock market react to supply chain disruptions from COVID-19?

Wang

Dong

Liu

2022

International Review of Financial Analysis

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“…Dayong et al [ 19 ] found that COVID-19 has caused markets to become highly volatile and unpredictable. Duan et al [ 20 ] discovered that stock returns and turnover rates were positively predicted by the COVID-19 sentiments during the period from 17 December 2019 to 13 March 2020, which illustrated how the effects of the pandemic crisis were amplified by the sentiments. Further research found that COVID-19 had an unprecedented negative impact on stock market volatility compared to the impact of other epidemics.…”

Section: Literature Reviewmentioning

confidence: 99%

ESG Performance and Stock Price Volatility in Public Health Crisis: Evidence from COVID-19 Pandemic

Zhou

2021

IJERPH

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Unlike traditional financial crises, COVID-19 is a global public health crisis with a significant negative impact on the global economy. Meanwhile, the stock market has been hit hard, and corporate share prices have become more volatile. However, the stock prices of some enterprises with good performance of ESG (Environment, Social, and Governance) are relatively stable in the epidemic. This paper selects ESG rating data from MSCI (Morgan Stanley Capital International) with better differentiation, adopts multiple regression and dummy variables, and adopts the Differences-in-Differences (DID)model with the help of COVID-19, an exogenous event. Empirical test the impact of ESG performance on the company’s stock price fluctuations. The results show that the stock price volatility of companies with good ESG performance is lower than that of companies with poor performance. Second, COVID-19 exacerbates volatility in company stock prices, but the increase in stock price volatility of companies with good ESG performance is small. That is, good ESG performance helps reduce the increase in stock price volatility due to COVID-19 shock, and plays a role in enhancing “resilience” and stabilizing stock prices. This paper provides new empirical evidence for the study of ESG performance and corporate stock price volatility, and puts forward relevant policy recommendations for enterprises and government departments.

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“…Duan et al ( Duan et al, 2021 ) studied the impact of media sentiments related to COVID-19 on Chinese stocks. The authors collected 1.8 million pieces of official news and 4.5 million Sina Weibo microblogs.…”

Section: Literature Reviewmentioning

confidence: 99%