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Journals / Uluslararası Ekonomi ve Yenilik Dergisi / 2026 / Cilt: 7 Sayı: 1

Covid-19, Investor Sentiment and Contagion Across Stock Markets

Covid-19, Yatırımcı Duyarlılığı ve Pay Piyasaları Arasında Bulaşma Etkisi

Mehmet Fatih Buğan(GAZİANTEP ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ)0000-0001-9027-9532
Pages
169–182
Publication Date
2021-04-22
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The results show that most of the time-varying correlations have risen after the Covid-19 outbreak until the WHO declared the disease as a global pandemic and most of the rise in correlations occurs within each group of countries/regions where the least and the most deaths took place.

📌 3 Key Takeaways

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Objective & Hypothesis:This study examines investor sentiment which may trigger contagion in financial markets during the recent Covid-19 outbreak within a DCC-GARCH model.
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Key Findings & Data:The results show that most of the time-varying correlations have risen after the Covid-19 outbreak until the WHO declared the disease as a global pandemic and most of the rise in correlations occurs within each group of countries/regions where the least and the most deaths took place.
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Conclusion & Impact:Overall, investor sentiment seems to give rise to contagion as the correlations between stock markets have increased during the global Covid-19 pandemic.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Pay Piyasası Korelasyonları · Bulaşma Etkisi · Yatırımcı Duyarlılığı

Abstract

This study examines investor sentiment which may trigger contagion in financial markets during the recent Covid-19 outbreak within a DCC-GARCH model. The results show that most of the time-varying correlations have risen after the Covid-19 outbreak until the WHO declared the disease as a global pandemic and most of the rise in correlations occurs within each group of countries/regions where the least and the most deaths took place. There is evidence of contagion in most cases. Overall, investor sentiment seems to give rise to contagion as the correlations between stock markets have increased during the global Covid-19 pandemic.

Özet

Bu çalışmada, finansal piyasalar arasında bulaşma etkisine neden olabilecek yatırımcı duyarlılığı, Covid-19 salgın dönemi için DCC-GARCH modeli ile incelenmektedir. Çalışmadan elde edilen bulgular, Dünya Sağlık Örgütü’nün Covid-19’u bulaşıcı bir salgın hastalık olarak ilan ettikten sonra ölüm oranı en düşük ve en yüksek ülkeler arasındaki zamanla değişen korelasyon katsayılarının arttığını göstermektedir. Çoğu durumda bulaşma etkinin olduğuna dair kanıtlar elde edilmiştir. Genel olarak, yatırımcı duyarlılığının Covid-19 salgın döneminde pay piyasaları arasındaki korelasyonu artırmak suretiyle bulaşma etkisine neden olduğu görülmektedir.

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Cite This Article

Buğan, M. F. (2021). Covid-19, Investor Sentiment and Contagion Across Stock Markets. Uluslararası Ekonomi ve Yenilik Dergisi, Cilt: 7 Sayı: 1, 169–182. https://doi.org/10.20979/ueyd.874254

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