COVID caused a negative bubble. Who profited? Who lost? How stock markets changed?

Basit Öğe Kaydı
dc.WoS.categoriesBusiness, Financeen_US
dc.contributor.authorUtku, Numan
dc.contributor.authorAli, Fahad
dc.contributor.authorSaydumarov, Saidgozi
dc.contributor.authorİkizlerli, Deniz
dc.date.accessioned2023-09-25T07:41:44Z
dc.date.available2023-09-25T07:41:44Z
dc.date.issued2023-05
dc.description.abstractCompiling a unique, worldwide collection of trading data, we analyze investor types' aggregate trading in stock markets throughout the COVID-19 episode, to assess investor types' role in a worldwide negative bubble and their degree of sophistication in responding to it. Individual investors were the main buyers and consequently the winners during the rebound. Foreign institutional investors exited host markets; some domestic institutions exploited the negative bubble by well-timed buying. In US index futures, asset managers heavily sold into crash; dealers profited from the rebound. Individual investors' buying was driven by their contrarian behavioral traits and a unique positive shock to retail investor demand for self-serviced investing in stocks, driven by work-from-home practices and unprecedented stimulus. This shock has changed the participant composition of world stock markets. Overall, the COVID-19 episode has many unique aspects that cannot be accounted for under existing theories.en_US
dc.fullTextLevelFull Texten_US
dc.identifier.doi10.1016/j.pacfin.2023.102044en_US
dc.identifier.issn1879-0585
dc.identifier.issn0927-538X
dc.identifier.scopus2-s2.0-85159138449en_US
dc.identifier.urihttps://hdl.handle.net/11411/5205
dc.identifier.urihttps://doi.org/10.1016/j.pacfin.2023.102044
dc.identifier.wosWOS:001009133600001en_US
dc.identifier.wosqualityQ1en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.nationalInternationalen_US
dc.numberofauthors4en_US
dc.publisherELSEVIERen_US
dc.relation.ispartofPACIFIC-BASIN FINANCE JOURNALen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectInvestor types' trading behavioren_US
dc.subjectCOVID-19en_US
dc.subjectNegative bubbleen_US
dc.subjectRetail investorsen_US
dc.titleCOVID caused a negative bubble. Who profited? Who lost? How stock markets changed?en_US
dc.typeArticleen_US
dc.volume79en_US

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