The COVID-19 outbreak generates various types of news that affect economic and financial systems. No studies have assessed the effects of such news on financial markets. This study sheds light on the impact of non-fundamental news related to the COVID-19 pandemic on the liquidity and returns volatility. Because we examined extreme events, we performed quantile regression on daily data from December 31, 2019 to the end of lockdown restrictions in China on April 7, 2020. Results showed that the non-fundamental news, as the number of deaths and cases related to the COVID-19, raised the stock market returns volatility and reduced the level of stock market liquidity, increasing overall risk, whereas fundamental macroeconomic news remained largely immaterial for the stock market. These findings are explained by a knock-on effect because the health system's inability to manage and treat a high number of COVID-19 patients in intensive care led the country to implement a lockdown and the global economy to largely shut down.
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| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC9756967 | PMC |
| http://dx.doi.org/10.1016/j.econmod.2021.03.003 | DOI Listing |
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