Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS
The role of media coverage as a proxy for investor sentiments has led to the assessments of the impact of COVID-19 media coverage on financial markets. To determine how both local and global media coverage affect financial markets differently, we investigate this issue from the perspective of top em...
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| Format: | Article |
| Language: | English |
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Wiley
2022-01-01
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| Series: | Complexity |
| Online Access: | http://dx.doi.org/10.1155/2022/2249581 |
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| author | Ahmed Bossman Tamara Teplova Zaghum Umar |
| author_facet | Ahmed Bossman Tamara Teplova Zaghum Umar |
| author_sort | Ahmed Bossman |
| collection | DOAJ |
| description | The role of media coverage as a proxy for investor sentiments has led to the assessments of the impact of COVID-19 media coverage on financial markets. To determine how both local and global media coverage affect financial markets differently, we investigate this issue from the perspective of top emerging markets, BRICS (i.e., Brazil, Russia, India, China, and South Africa). With datasets covering January 2020 to March 2022, we employ the wavelet coherence technique on two major subsamples, viz. initial outbreak year sample and the “new normal” era sample. Our findings demonstrate the leading role of BRICS equities in the initial outbreak period, particularly across medium and low frequencies. In the “new normal” era, we find a significant effect of world media coverage on BRICS equities. We discuss the implications of our findings, which are of importance to investors, policymakers, and practitioners. |
| format | Article |
| id | doaj-art-77df34b21f1347808d1b3bb29719e855 |
| institution | Kabale University |
| issn | 1099-0526 |
| language | English |
| publishDate | 2022-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Complexity |
| spelling | doaj-art-77df34b21f1347808d1b3bb29719e8552025-02-03T01:22:53ZengWileyComplexity1099-05262022-01-01202210.1155/2022/2249581Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICSAhmed Bossman0Tamara Teplova1Zaghum Umar2Department of FinanceNational Research University Higher School of EconomicsCollege of Business Zayed UniversityThe role of media coverage as a proxy for investor sentiments has led to the assessments of the impact of COVID-19 media coverage on financial markets. To determine how both local and global media coverage affect financial markets differently, we investigate this issue from the perspective of top emerging markets, BRICS (i.e., Brazil, Russia, India, China, and South Africa). With datasets covering January 2020 to March 2022, we employ the wavelet coherence technique on two major subsamples, viz. initial outbreak year sample and the “new normal” era sample. Our findings demonstrate the leading role of BRICS equities in the initial outbreak period, particularly across medium and low frequencies. In the “new normal” era, we find a significant effect of world media coverage on BRICS equities. We discuss the implications of our findings, which are of importance to investors, policymakers, and practitioners.http://dx.doi.org/10.1155/2022/2249581 |
| spellingShingle | Ahmed Bossman Tamara Teplova Zaghum Umar Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS Complexity |
| title | Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS |
| title_full | Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS |
| title_fullStr | Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS |
| title_full_unstemmed | Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS |
| title_short | Do Local and World COVID-19 Media Coverage Drive Stock Markets? Time-Frequency Analysis of BRICS |
| title_sort | do local and world covid 19 media coverage drive stock markets time frequency analysis of brics |
| url | http://dx.doi.org/10.1155/2022/2249581 |
| work_keys_str_mv | AT ahmedbossman dolocalandworldcovid19mediacoveragedrivestockmarketstimefrequencyanalysisofbrics AT tamarateplova dolocalandworldcovid19mediacoveragedrivestockmarketstimefrequencyanalysisofbrics AT zaghumumar dolocalandworldcovid19mediacoveragedrivestockmarketstimefrequencyanalysisofbrics |