The impact of COVID-19 pandemic outbreak on the Egyptian firms' stock returns: evidence from emerging countries | ||
| المجلة العلمية للدراسات المحاسبية | ||
| Article 13, Volume 2, العدد الرابع, December 2020, Pages 691-719 PDF (727.08 K) | ||
| Document Type: المقالة الأصلية | ||
| DOI: 10.21608/sjar.2020.183352 | ||
| Author | ||
| Mohamed Hamdy Awad* | ||
| Faculty of commerce - Cairo University | ||
| Abstract | ||
| The COVID-19 pandemic is considered one of the most severe contagious infectious experienced by the world during the 21st century. This pandemic has economic, social, and psychological consequences that need years to recover again. Therefore, this paper aims to verify the effect of the COVID-19 pandemic on the Egyptian firms' stock returns. Using historical data of listed firms in EGX 30 index during the period from 16th February 2020 to 21st May 2020, the results reveal that stock returns across all listed firms in EGX 30 index have been significantly negatively affected of both the daily growth in total confirmed cases and in total confirmed deaths. In addition, Egyptian firms' stock returns are negatively associated with daily cumulative COVID-19 cases and positively to daily cumulative COVID-19 deaths. | ||
| Keywords | ||
| COVID-19 pandemic; stock returns; emerging countries; Egyptian firms | ||
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