Purpose

This study aims to evaluate papers that discuss the stock market during the COVID-19 pandemic to discover lessons that may be beneficial for coping with similar situations in the future.

Design/methodology/approach

This study used the review procedures following Hoque (2014) with modifications, including co-words analysis to map themes. The articles to be reviewed were identified by entering the search keywords “capital market” AND “Covid” and “stock market” AND “Covid” in the Scopus database. After applying a set of criteria, 89 articles were used in the subsequent analysis. The country setting and study findings are recognized, and the lessons learned are further determined.

Findings

As COVID-19 has been designated a global pandemic by the WHO, and its impact is seen in many countries, the setting adopted by many researchers includes two or more countries (i.e., “International”). Six clusters of themes are identified, namely, market responses, spillover/contagion, investor sentiment, investor herding, policy and asset intensity. In this way, the lessons gained cover several stock market elements, including the market, industry, investors, government and companies.

Originality/value

Given the importance of understanding the COVID-19 pandemic and the relevance of the stock market in indicating its severity, to the best of the authors’ knowledge, there has been no literature review research on the stock market during COVID-19. Furthermore, this study also defines what lessons can be drawn.

中文翻译：

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在 COVID-19 大流行期间股市会发生什么？系统的文献综述

目的

本研究旨在评估在 COVID-19 大流行期间讨论股票市场的论文，以发现可能有利于未来应对类似情况的经验教训。

设计/方法/方法

本研究使用了 Hoque (2014) 之后的审查程序，并进行了修改，包括共词分析以映射主题。通过在 Scopus 数据库中输入搜索关键字“资本市场”和“Covid”和“股票市场”和“Covid”来确定要审查的文章。应用一套标准后，89篇文章被用于后续分析。国家背景和研究结果得到认可，经验教训得到进一步确定。

发现

由于 COVID-19 已被 WHO 指定为全球大流行病，并且在许多国家/地区都可以看到其影响，因此许多研究人员采用的设置包括两个或多个国家/地区（即“国际”）。确定了六组主题，即市场反应、溢出/传染、投资者情绪、投资者羊群效应、政策和资产强度。通过这种方式，获得的经验涵盖了股票市场的几个要素，包括市场、行业、投资者、政府和公司。

原创性/价值

鉴于了解 COVID-19 大流行的重要性以及股市在表明其严重性方面的相关性，据作者所知，在 COVID-19 期间没有关于股市的文献综述研究。此外，这项研究还定义了可以吸取的教训。