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Information Search And Financial Markets Under Covid-19, Behzod B. Ahundjanov, Sherzod Akhundjanov, Botir B. Okhunjanov
Information Search And Financial Markets Under Covid-19, Behzod B. Ahundjanov, Sherzod Akhundjanov, Botir B. Okhunjanov
Applied Economics Faculty Publications
The discovery and sudden spread of the novel coronavirus (COVID-19) exposed individuals to a great uncertainty about the potential health and economic ramifications of the virus, which triggered a surge in demand for information about COVID-19. To understand financial market implications of individuals’ behavior upon such uncertainty, we explore the relationship between Google search queries related to COVID-19—information search that reflects one’s level of concern or risk perception—and the performance of major financial indices. The empirical analysis based on the Bayesian inference of a structural vector autoregressive model shows that one unit increase in the popularity of COVID-19-related global search …