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Covıd-19 Pandemi ve 2008 Ekonomik Kriz Dönemlerinde Riskten Kaçınma Düzeyinin ABD ve BRIC Piyasa Entegrasyonu Üzerindeki Değişen Etkisi (Nicel Araştırma)

Ecenur Uğurlu YILDIRIM

Journal of Accounting & Finance / Muhasebe ve Finansman Dergisi, 2021-04 (90)

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Título:
Covıd-19 Pandemi ve 2008 Ekonomik Kriz Dönemlerinde Riskten Kaçınma Düzeyinin ABD ve BRIC Piyasa Entegrasyonu Üzerindeki Değişen Etkisi (Nicel Araştırma)
Autor: Ecenur Uğurlu YILDIRIM
Assuntos: Coronaviruses ; COVID-19 ; Economic crisis ; Pandemics ; Risk aversion ; Securities markets
É parte de: Journal of Accounting & Finance / Muhasebe ve Finansman Dergisi, 2021-04 (90)
Descrição: The effects of non-cash flow-related factors on the integration of countries' financial markets is one of the most debated topics in the literature. The effects of the COVID-19, the biggest pandemic of the last century, on the financial markets are the focus of hot discussions. The aim of this study is to examine the long and short-run asymmetric effects of the change in risk aversion of investors on the integration between the stock market of the United States (USA) and of BRIC (Brazil, India, Russia, and China) during the COVID-19 outbreak and the 2008 economic crisis. The nonlinear autoregressive distributed lag (NARDL) method is employed in this study. In the short-run, it is concluded that positive changes in risk aversion increase integration for all countries, while negative changes reduce correlation. Moreover, this effect is greater and more statistically significant during the pandemic period than the 2008 crisis.
Editor: Istanbul: Turkish Association of Accounting and Finance Academicians - AAFA
Idioma: Turco

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