Economic Studies - Research Publications

Permanent URI for this collectionhttps://kr.cup.edu.in/handle/32116/141

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    Stock markets� responses to COVID-19 in developing countries: evidence from the SAARC region
    (Inderscience Publishers, 2022-05-18T00:00:00) Mishra, P.K.; Mishra, S.K.
    This study examined the stock markets� responses to the unprecedented outbreak of the COVID-19 pandemic in SAARC countries. The results support these countries� surge in stock market return volatilities amid the rapid spread of the COVID-19 infection caused by investors� pessimistic sentiments. The intensive media coverage of information related to the pandemic has weakened investors� sentiments and caused sudden market plunges in the SAARC region. During the pandemic, the performances of the stock markets in SAARC countries are found to be influenced by the number of COVID-19 confirmed and death cases, and movements in the fear index. The implication is that the stock markets of the SAARC region do not qualify to be semi-strong information efficient. This implication is important for investors. Copyright � 2022 Inderscience Enterprises Ltd.
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    Do Banking and Financial Services Sectors Show Herding Behaviour in Indian Stock Market Amid COVID-19 Pandemic? Insights from Quantile Regression Approach
    (SAGE Publications Ltd, 2021-07-24T00:00:00) Mishra, P.K.; Mishra, S.K.
    In India, the coronavirus (COVID-19) pandemic-induced country-wide regulatory lockdown and consequential supply-chain disruptions and market instability have all posed serious challenges before the regulators and policymakers. Amid the pandemic, the stock market showed return volatilities primarily due to the unexpected investors� behaviour. One of the behavioural biases is herding, which has the power to wreck the market equilibrium and shatter the market efficiency. Given that the pandemic has generated unprecedented spirals of uncertainties across the globe, thereby creating interruptions in the pattern of stock market investment decisions, this study examined the herding behaviour of 54 stocks of banking and financial services sectors listed in the national stock exchange. In the quantile regression framework, the study provides evidence of the presence of herding for public sector banking and financial services under the bull market conditions during the pandemic in the 90th quantile of the return distribution. This finding has implications for the mispricing of financial assets in these sectors. So, the study suggests removing information asymmetry among the market participants and devising policy initiatives for ensuring market stability. � 2023 Association of Asia Scholars.
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    COVID-19 pandemic and stock market reaction: empirical insights from 15 Asian countries
    (Routledge, 2021-05-31T00:00:00) Mishra, Pabitra Kumar; Mishra, Santosh Kumar
    Since 2020, the world has been passing through a difficult time due to the outbreak of COVID-19 Pandemic. This novel public health emergency has created both demand- and supply-side shocks affecting both real and financial sectors of economies globally. One of the noteworthy immediate consequences of it was sudden nosedive of stock markets across countries in the globe. In this pre-text, this study examined the stock market behaviour in 15 selected Asian markets amid the pandemic. The results infer about the surge in market return volatilities amid the rapid spread of the coronavirus which was primarily triggered through the impaired investors� sentiments due to the announcement effects. During this period, the stock market performances in selected Asian countries have been observed to be influenced by the reporting of the number of COVID-19 confirmed cases and death cases, stock index returns, market volatility, oil prices, inflation rate, and interest rates. � 2021 Denfar Transnational Development INC.