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COVID-19's disasters are perilous than Global Financial Crisis: A rumor or fact?

ABSTRACT: This investigation employed the Asymmetric Power GARCH model and found that COVID-19 substantially harms the US and Japan's market returns. Moreover, COVID-19 has influenced the variance of the US, Germany, and Italy's stock markets more than the Global Financial Crises (GFC). However, GFC indicated a more significant impact on the financial volatility of the Nikkei 225 index and SSEC than COVID-19. The study confirmed the leverage effect for the S&P 500, Nasdaq Composite Index, DAX 30, Nikkei 225, FTSE MIB, and SSEC. The analysis authenticated that the health crisis that befell due to COVID-19 have imperatively originated the financial crisis globally; however, the Asian markets still make available better prospects for portfolio optimization.

SUBMITTER: Shehzad K

PROVIDER: S-EPMC7318935 | biostudies-literature | 2020 Oct

REPOSITORIES: biostudies-literature

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COVID-19's disasters are perilous than Global Financial Crisis: A rumor or fact?

Shehzad Khurram K Xiaoxing Liu L Kazouz Hayfa H

Finance research letters 20200626

This investigation employed the Asymmetric Power GARCH model and found that COVID-19 substantially harms the US and Japan's market returns. Moreover, COVID-19 has influenced the variance of the US, Germany, and Italy's stock markets more than the Global Financial Crises (GFC). However, GFC indicated a more significant impact on the financial volatility of the Nikkei 225 index and SSEC than COVID-19. The study confirmed the leverage effect for the S&P 500, Nasdaq Composite Index, DAX 30, Nikkei 2 ...[more]

PMID: 32837374

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Project description:Background: The spread of rumors related to COVID-19 on social media has posed substantial challenges to public health governance, and thus exposing rumors and curbing their spread quickly and effectively has become an urgent task. This study aimed to assist in formulating effective strategies to debunk rumors and curb their spread on social media. Methods: A total of 2,053 original postings and 100,348 comments that replied to the postings of five false rumors related to COVID-19 (dated from January 20, 2020, to June 28, 2020) belonging to three categories, authoritative, social, and political, on Sina Weibo in China were randomly selected. To study the effectiveness of different debunking methods, a new annotation scheme was proposed that divides debunking methods into six categories: denial, further fact-checking, refutation, person response, organization response, and combination methods. Text classifiers using deep learning methods were built to automatically identify four user stances in comments that replied to debunking postings: supporting, denying, querying, and commenting stances. Then, based on stance responses, a debunking effectiveness index (DEI) was developed to measure the effectiveness of different debunking methods. Results: The refutation method with cited evidence has the best debunking effect, whether used alone or in combination with other debunking methods. For the social category of Car rumor and political category of Russia rumor, using the refutation method alone can achieve the optimal debunking effect. For authoritative rumors, a combination method has the optimal debunking effect, but the most effective combination method requires avoiding the use of a combination of a debunking method where the person or organization defamed by the authoritative rumor responds personally and the refutation method. Conclusion: The findings provide relevant insights into ways to debunk rumors effectively, support crisis management of false information, and take necessary actions in response to rumors amid public health emergencies.

Dataset Information

COVID-19's disasters are perilous than Global Financial Crisis: A rumor or fact?

Publications

COVID-19's disasters are perilous than Global Financial Crisis: A rumor or fact?

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