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This time is indeed different: A study on global market reactions to public health crisis.

ABSTRACT: This paper studies the differences in stock market reactions to the same kind of disease-related news by analyzing abnormal returns of global stock markets during Public Health Risk Emergency of International Concern (PHEIC) announcements. Drawing the data from 26 stock market indices over the period from 22 April 2008 to 12 March 2020, we compare stock market reactions to all six PHEIC announcements made by the World Health Organization since 2009. Although the PHEIC announcements can be categorized as the same type of event, we found no consistent patterns in market reactions. The markets did not show significant reactions in a 30-day event window, which suggests a relatively low economic impact of the diseases on a global scale during this time, except for Covid-19. Among all diseases included in our study, only Covid-19 had a significant negative effect on stock markets at least lasting 30 days.

SUBMITTER: Schell D

PROVIDER: S-EPMC7280118 | biostudies-literature | 2020 Sep

REPOSITORIES: biostudies-literature

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This time is indeed different: A study on global market reactions to public health crisis.

Schell Daniel D Wang Mei M Huynh Toan Luu Duc TLD

Journal of behavioral and experimental finance 20200609

This paper studies the differences in stock market reactions to the same kind of disease-related news by analyzing abnormal returns of global stock markets during Public Health Risk Emergency of International Concern (PHEIC) announcements. Drawing the data from 26 stock market indices over the period from 22 April 2008 to 12 March 2020, we compare stock market reactions to all six PHEIC announcements made by the World Health Organization since 2009. Although the PHEIC announcements can be catego ...[more]

PMID: 32550128

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Project description:BackgroundThe governments and citizens of the developed nations are increasingly called upon to contribute financially to health initiatives outside their borders. Although international development assistance for health has grown rapidly over the last two decades, austerity measures related to the 2008 and 2011 global financial crises may impact negatively on aid expenditures. The competition between national priorities and foreign aid commitments raises important ethical questions for donor nations. This paper aims to foster individual reflection and public debate on donor responsibilities for global health.MethodsWe undertook a critical review of contemporary accounts of justice. We selected theories that: (i) articulate important and widely held moral intuitions; (ii) have had extensive impact on debates about global justice; (iii) represent diverse approaches to moral reasoning; and (iv) present distinct stances on the normative importance of national borders. Due to space limitations we limit the discussion to four frameworks.ResultsConsequentialist, relational, human rights, and social contract approaches were considered. Responsibilities to provide international assistance were seen as significant by all four theories and place limits on the scope of acceptable national autonomy. Among the range of potential aid foci, interventions for health enjoyed consistent prominence. The four theories concur that there are important ethical responsibilities to support initiatives to improve the health of the worst off worldwide, but offer different rationales for intervention and suggest different implicit limits on responsibilities.ConclusionsDespite significant theoretical disagreements, four influential accounts of justice offer important reasons to support many current initiatives to promote global health. Ethical argumentation can complement pragmatic reasons to support global health interventions and provide an important foundation to strengthen collective action.

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This time is indeed different: A study on global market reactions to public health crisis.

Publications

This time is indeed different: A study on global market reactions to public health crisis.

Similar Datasets

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