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- W3189955970 abstract "ABSTRACTThis study examines the stock markets’ response to the maritime shipping industry during the COVID-19 pandemic. Using the daily data of the listed shipping companies in the New York Stock Exchange (NYSE), this study adopted the event study methodology to find the short-term effects of this outbreak. We classified the four initial COVID-19 outbreak news events as pessimistic and four subsequent events as optimistic. We find that the maritime stocks reacted negatively in responses to the critical COVID-19 declarations during cynical events. The investors’ reactions reached the lowest minimum values (−20.73%) when the announcement of COVID-19 was a worldwide pandemic by the WHO and the travel ban by the US from 26 European countries. However, some initiatives such as extra-economic stimulus by the United States attained the highest positive reaction (12.45%). The event study’s findings are also primarily corroborated by in-depth financial performance analysis of individual companies. In general, our findings suggest that stock markets react quickly to news about the COVID-19 pandemic, and this response varies with the level of outbreak and hope of recovery.KEYWORDS: Maritime shipping industryCovid-19stock returnstock marketcompany in-depth analysisevent study Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. https://unctad.org/news/global-trade-continues-nosedive-unctad-forecasts-20-drop-20202. Baltic Dry Index trends—https://tradingeconomics.com/commodity/baltic (Accessed on 6 December 2020).3. The Baltic Dry Index (BDI) gives a benchmark to the cost of moving the significant raw materials via ocean. The index considers 23 diverse shipping routes conveying coal, iron metal, grains, and numerous products aside from crude oil.4. List of Marine stocks trading on the NYSE—https://topforeignstocks.com/stock-lists/the-complete-list-of-marine-transportation-stocks-trading-on-the-nyse/ (Accessed on 7 October 2020).Additional informationFundingThis research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors." @default.
- W3189955970 created "2021-08-16" @default.
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- W3189955970 date "2021-08-02" @default.
- W3189955970 modified "2023-10-06" @default.
- W3189955970 title "Stock market reactions of maritime shipping industry in the time of COVID-19 pandemic crisis: an empirical investigation" @default.
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- W3189955970 doi "https://doi.org/10.1080/03088839.2021.1954255" @default.
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