投資人如何反應嚴重急性呼吸道症候群和嚴重特殊傳染性肺炎？

青年企業管理評論 Pub Date : 2022-12-01 DOI:10.53106/207308882022121502005

張志向張志向, 鄭淳云鄭淳云

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引用次数: 0

Abstract

本研究旨在探討臺灣股市投資人如何反應嚴重特殊傳染性肺炎(COVID-19)及嚴重急性呼吸道症候群(SARS)的首例確診宣告。相異於偏重調查單一傳染病之股價效果的早期文獻，本研究調查COVID-19及SARS首例確診宣告對股票報酬率、交易量及報酬波動性的影響。我們的實證結果顯示COVID-19及SARS對於股東財富及股票交易頻率產生明顯的衝擊；此外，COVID-19首例確診宣告也導致投資人持股風險出現顯著的增加。總結而言，COVID-19對股市投資人決策的影響力是高於SARS。 This study aims to examine how investors in the Taiwanese stock market respond to the announcement of the first confirmed case of COVID-19 and SARS. Unlike earlier studies focusing on the share price effect of an infection, this study explores the influences of the first confirmed case of COVID-19 and SARS on the stock returns, trading volume and return volatility. Empirical results reveal that both COVID-19 and SARS have an important impact on the shareholder’s wealth and stock trading frequencies. Additionally, the announcement of the first confirmed case of COVID-19 increases significantly the risk of investing in shares. Overall, the influences of COVID-19 on the investor’s decision-making is greater than those of SARS.