Covid-19 and Serbian Stock Market Response A Panel Data Approach
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Abstract
In this paper, the authors attempted to explore the relationship between the Covid-19 Coronavirus pandemic and the stock market in the Republic of Serbia. The main research variables on the stock market are the daily values of the Belex 15 and Belex Line indices and trading volume. For the pandemic variables, official daily data on the number of new Covid-19 cases in Serbia, Europe, and the world were taken. By applying the panel regression analysis for the period from 03/06/2020 to 12/30/2021, the empirical results show a positive and significant influence of the number of daily infected in Serbia and Europe on the stock market index value, At the same time, the influence of daily infected ones on trading volume is negative but statistically significant only when it comes to the new cases of coronavirus per day at the level of Europe. The presented results indicate the resilience of the Serbian capital market to internal and external shocks.
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