References
[1]. Thorbecke, W.: The Impact of the COVID-19 Pandemic on the U.S. Economy: Evidence from the Stock Market. Journal of Risk and Financial Management 13(10), 233 (2020).
[2]. Albulescu, C. T.: COVID-19 and the United States financial markets’ volatility. Finance research letters, 38, 101699 (2021).
[3]. Wadhawan, A., Kulkarni, M. S.: Behavioral finance and COVID-19. Retrieved April 3, 2023, Retrieved from: https://www.proquest.com/docview/2734428770?pq-origsite=gscholar&fromopenview=true
[4]. Baker, S. R.: Covid-Induced Economic Uncertainty - National Bureau of Economic Research. 2020, Retrieved from: https://www.nber.org/system/files/working_papers/w26983/w26983.pdf.
[5]. Vasileiou, E.: Explaining stock markets' performance during the COVID‐19 crisis: Could Google searches be a significant behavioral indicator?. Intelligent Systems in Accounting, Finance and Management, 28(3), 173-181 (2021).
[6]. Tseng, K. C.: Behavioral finance, bounded rationality, neuro-finance, and traditional finance. Investment Management and Financial Innovations, 3(4), 7-18 (2006).
[7]. Bansal, T.: Behavioral finance and COVID-19: cognitive errors that determine the financial future. Available at SSRN 3595749 (2020).
[8]. Bavel, J. J. V., Baicker, K., Boggio, P. S., et al.: Using social and behavioural science to support COVID-19 pandemic response. Nature human behaviour, 4(5), 460-471 (2020).
[9]. Raut, R. K., Kumar, R.: Investment Decision-Making Process between Different Groups of Investors: A Study of Indian Stock Market. Asia-Pacific Journal of Management Research and Innovation, 14(1-2), 39–49 (2018).
[10]. Okorie, D. I., Lin, B.: Stock markets and the COVID-19 fractal contagion effects. Finance Research Letters, 38, 101640 (2021).
[11]. Huber, C., Huber, J., Kirchler, M.: Market shocks and professionals’ investment behavior–evidence from the covid-19 crash. Journal of Banking & Finance, 133, 106247 (2021).
[12]. Cohn, A., Engelmann, J., Fehr, E., Maréchal, M. A.: Evidence for Countercyclical Risk Aversion: An Experiment with Financial Professionals. The American Economic Review, 105(2), 860–885 (2015).
[13]. Zhang, D., Hu, M., Ji, Q.: Financial markets under the global pandemic of COVID-19. Finance research letters, 36, 101528 (2020).
[14]. Bouri, E., Demirer, R., Gupta, R., Nel, J.: COVID-19 pandemic and investor herding in international stock markets. Risks, 9(9), 168 (2021).
[15]. Yarovaya, L., Matkovskyy, R., Jalan, A.: The effects of a “black swan” event (COVID-19) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions and Money, 75, 101321 (2021).
[16]. Groß-Klußmann, A., Hautsch, N.: When machines read the news: Using automated text analytics to quantify high frequency news-implied market reactions. Journal of Empirical Finance, 18(2), 321-340 (2011).
[17]. Hopkins, N., Reicher, S.: Mass gatherings, health, and well‐being: from risk mitigation to health promotion, Soc. Issues. Pol. Rev., 15 (1), 114-145 (2021).
[18]. Schmitt, N., Westerhoff, F.: Herding behaviour and volatility clustering in financial markets. Quantitative Finance, 17(8), 1187-1203 (2017).
[19]. Kizys, R., Tzouvanas, P., Donadelli, M.: From COVID-19 herd immunity to investor herding in international stock markets: The role of government and regulatory restrictions. International Review of Financial Analysis, 74, 101663 (2021).
[20]. Aharon, D. Y.: Uncertainty, fear and herding behavior: Evidence from size-ranked portfolios. Journal of Behavioral Finance, 22(3), 320-337 (2021).
[21]. Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., Alhammadi, S.: Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of behavioral and experimental finance, 27, 100326 (2020).
[22]. Economou, F., Hassapis, C., & Philippas, N.: Investors’ fear and herding in the stock market. Applied Economics, 50(34-35), 3654-3663 (2018).
[23]. Marty, T., Vanstone, B., & Hahn, T.: News media analytics in finance: a survey. Accounting & Finance, 60(2), 1385-1434 (2020).
[24]. Yuwono, W., Elmadiani, C.: The Effect of Emotional Contagion, Availability Bias, Overconfidence, Loss Aversion, and Herding on Investment Decisions in the Millennial Generation During the Beginning of the Covid-19 Pandemic. In Proceedings of the 1st International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2021, March 6th 2021, Jakarta, Indonesia (2021, May).
[25]. Khan, S.: Impact of financial literacy, financial knowledge, moderating role of risk perception on investment decision. Financial Knowledge, Moderating Role of Risk Perception on Investment Decision (February 4, 2016).
[26]. Haroon, O., Rizvi, S. A. R.: COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 100343 (2020).
Cite this article
He,Z. (2023). The Impact of COVID-19 on Investors’ Behavior: Evidence from Risk-aversion, Herding Behavior, and Availability Bias. Advances in Economics, Management and Political Sciences,26,93-101.
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References
[1]. Thorbecke, W.: The Impact of the COVID-19 Pandemic on the U.S. Economy: Evidence from the Stock Market. Journal of Risk and Financial Management 13(10), 233 (2020).
[2]. Albulescu, C. T.: COVID-19 and the United States financial markets’ volatility. Finance research letters, 38, 101699 (2021).
[3]. Wadhawan, A., Kulkarni, M. S.: Behavioral finance and COVID-19. Retrieved April 3, 2023, Retrieved from: https://www.proquest.com/docview/2734428770?pq-origsite=gscholar&fromopenview=true
[4]. Baker, S. R.: Covid-Induced Economic Uncertainty - National Bureau of Economic Research. 2020, Retrieved from: https://www.nber.org/system/files/working_papers/w26983/w26983.pdf.
[5]. Vasileiou, E.: Explaining stock markets' performance during the COVID‐19 crisis: Could Google searches be a significant behavioral indicator?. Intelligent Systems in Accounting, Finance and Management, 28(3), 173-181 (2021).
[6]. Tseng, K. C.: Behavioral finance, bounded rationality, neuro-finance, and traditional finance. Investment Management and Financial Innovations, 3(4), 7-18 (2006).
[7]. Bansal, T.: Behavioral finance and COVID-19: cognitive errors that determine the financial future. Available at SSRN 3595749 (2020).
[8]. Bavel, J. J. V., Baicker, K., Boggio, P. S., et al.: Using social and behavioural science to support COVID-19 pandemic response. Nature human behaviour, 4(5), 460-471 (2020).
[9]. Raut, R. K., Kumar, R.: Investment Decision-Making Process between Different Groups of Investors: A Study of Indian Stock Market. Asia-Pacific Journal of Management Research and Innovation, 14(1-2), 39–49 (2018).
[10]. Okorie, D. I., Lin, B.: Stock markets and the COVID-19 fractal contagion effects. Finance Research Letters, 38, 101640 (2021).
[11]. Huber, C., Huber, J., Kirchler, M.: Market shocks and professionals’ investment behavior–evidence from the covid-19 crash. Journal of Banking & Finance, 133, 106247 (2021).
[12]. Cohn, A., Engelmann, J., Fehr, E., Maréchal, M. A.: Evidence for Countercyclical Risk Aversion: An Experiment with Financial Professionals. The American Economic Review, 105(2), 860–885 (2015).
[13]. Zhang, D., Hu, M., Ji, Q.: Financial markets under the global pandemic of COVID-19. Finance research letters, 36, 101528 (2020).
[14]. Bouri, E., Demirer, R., Gupta, R., Nel, J.: COVID-19 pandemic and investor herding in international stock markets. Risks, 9(9), 168 (2021).
[15]. Yarovaya, L., Matkovskyy, R., Jalan, A.: The effects of a “black swan” event (COVID-19) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions and Money, 75, 101321 (2021).
[16]. Groß-Klußmann, A., Hautsch, N.: When machines read the news: Using automated text analytics to quantify high frequency news-implied market reactions. Journal of Empirical Finance, 18(2), 321-340 (2011).
[17]. Hopkins, N., Reicher, S.: Mass gatherings, health, and well‐being: from risk mitigation to health promotion, Soc. Issues. Pol. Rev., 15 (1), 114-145 (2021).
[18]. Schmitt, N., Westerhoff, F.: Herding behaviour and volatility clustering in financial markets. Quantitative Finance, 17(8), 1187-1203 (2017).
[19]. Kizys, R., Tzouvanas, P., Donadelli, M.: From COVID-19 herd immunity to investor herding in international stock markets: The role of government and regulatory restrictions. International Review of Financial Analysis, 74, 101663 (2021).
[20]. Aharon, D. Y.: Uncertainty, fear and herding behavior: Evidence from size-ranked portfolios. Journal of Behavioral Finance, 22(3), 320-337 (2021).
[21]. Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., Alhammadi, S.: Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of behavioral and experimental finance, 27, 100326 (2020).
[22]. Economou, F., Hassapis, C., & Philippas, N.: Investors’ fear and herding in the stock market. Applied Economics, 50(34-35), 3654-3663 (2018).
[23]. Marty, T., Vanstone, B., & Hahn, T.: News media analytics in finance: a survey. Accounting & Finance, 60(2), 1385-1434 (2020).
[24]. Yuwono, W., Elmadiani, C.: The Effect of Emotional Contagion, Availability Bias, Overconfidence, Loss Aversion, and Herding on Investment Decisions in the Millennial Generation During the Beginning of the Covid-19 Pandemic. In Proceedings of the 1st International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2021, March 6th 2021, Jakarta, Indonesia (2021, May).
[25]. Khan, S.: Impact of financial literacy, financial knowledge, moderating role of risk perception on investment decision. Financial Knowledge, Moderating Role of Risk Perception on Investment Decision (February 4, 2016).
[26]. Haroon, O., Rizvi, S. A. R.: COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 100343 (2020).