Stock market response to Covid-19, containment measures and stabilization policies—The case of Europe

Alfaro, 2020 Arouri, 2016, Economic policy uncertainty, and stock markets: Long-run evidence from the US, Finance Res. Lett., 18, 136, 10.1016/j.frl.2016.04.011 Baker, 2020, The unprecedented stock market reaction to COVID-19, Rev. Asset Pricing Stud., 10, 742, 10.1093/rapstu/raaa008 Chen, 2020 Chen, 2022 Davis, 2022, Stock prices, and economic activity in the time of coronavirus, IMF Econ. Rev., 70, 32, 10.1057/s41308-021-00146-4 Deb, 2022, The economic effects of COVID-19 containment measures, Open Econ. Rev., 33, 1, 10.1007/s11079-021-09638-2 Dzielinski, 2012, Measuring economic uncertainty, and its impact on the stock market, Finance Res. Lett., 9, 167, 10.1016/j.frl.2011.10.003 Fang, 2009, Stock market liquidity, and firm value, J. Financ. Econ., 94, 150, 10.1016/j.jfineco.2008.08.007 Ferreira, 2007, Does sovereign debt ratings news spill over to international stock markets?, J. Bank. Finance, 31, 3162, 10.1016/j.jbankfin.2006.12.006 Feyen, 2021, Financial sector policy response to COVID-19 in emerging markets, and developing economies, J. Bank. Finance, 133, 10.1016/j.jbankfin.2021.106184 Goh, 1999, Cross-sectional variation in the stock market reaction to bond rating changes, Q. Rev. Econ. Finance, 39, 101, 10.1016/S1062-9769(99)80006-4 Hale, T., Anania, J., Angrist, N., Boby, T., Cameron-Blake, E., Di Folco, M., Ellen, L., Goldszmidt, R., Hallas, L., Kira, B., Luciano, M., Majumdar, S., Nagesh, R., Petherick, A., Phillips, T., Tatlow, H., Webster, S., Wood, A., Zhang, Y., 2021. Variation in Government Responses to COVID-19. BSG Working Paper 2020/032, Version 12.0,, Oxford. Heyden, 2020, Market reactions to the arrival, and containment of COVID-19: An event study, Finance Res. Lett., 38 Im, 2003, Testing for unit roots in heterogeneous panels, J. Econometrics, 115, 53, 10.1016/S0304-4076(03)00092-7 Kapar, 2022, Global evidence on early effects of COVID-19 on stock markets, Rev. Financ. Econ., 40, 438, 10.1002/rfe.1156 Klose, 2021, Covid-19, and financial markets: A panel analysis for European countries, Jahrbücher Für Nationalökon. Stat., 241, 297, 10.1515/jbnst-2020-0063 Klose, 2022, The stock market, and NO2 emissions effects of COVID-19 around the world, Econ. Politics Levin, 2002, Unit root tests in panel data: Asymptotic, and finite-sample properties, J. Econ., 108, 1, 10.1016/S0304-4076(01)00098-7 Liu, 2015, Economic policy uncertainty, and stock market volatility, Finance Res. Lett., 15, 99, 10.1016/j.frl.2015.08.009 Lunsford, 2020, Policy language, and information effects in the early days of federal reserve forward guidance, Am. Econ. Rev., 110, 2899, 10.1257/aer.20181721 Purda, 2007, Stock market reaction to anticipated versus surprise rating changes, J. Financ. Res., 30, 301, 10.1111/j.1475-6803.2007.00215.x Rehman, 2021, The impact of COVID-19 on the G7 stock markets: A time-frequency analysis, North Am. J. Econ. Finance, 58, 10.1016/j.najef.2021.101526 Reinhart, 2010, Growth in a time of debt, Am. Econ. Rev: Pap. Proc., 100, 573, 10.1257/aer.100.2.573 Sarwar, 2014, U.S. stock market uncertainty and cross-market European stock returns, J. Multinatl. Financ. Manag., 28, 1, 10.1016/j.mulfin.2014.07.001 Sarwar, 2017, The effect of US stock market uncertainty on emerging market returns, Emerg. Mark. Finance Trade, 53, 1796, 10.1080/1540496X.2016.1180592 Shafiullah, 2022, Do stock markets play a role in determining COVID-19 economic stimulus? A cross-country analysis, World Econ., 45, 386, 10.1111/twec.13130 Shiller, 2010, The irrationality of markets, J. Psychol. Financ Mark., 3, 87, 10.1207/S15327760JPFM0302_03 Swanson, 2021, Measuring the effects of federal reserve forward guidance and and asset purchases on financial markets, J. Monetary Econ., 118, 32, 10.1016/j.jmoneco.2020.09.003