Shahid Bahonar University of Kerman

 Statistics

Number of Journals26
Number of Issues447
Number of Articles4,563
Article View5,389,768
PDF Download3,592,574
Eskandari Sabzi, S., Hajiaghajani, A. (2023). The Impact of Covid-19 Epidemic on Stock Market; Case Study of Selected OPEC Member Countries. , 8(2), 151-168. doi: 10.22103/jdc.2022.19657.1259
Sima Eskandari Sabzi; Azam Hajiaghajani. "The Impact of Covid-19 Epidemic on Stock Market; Case Study of Selected OPEC Member Countries". , 8, 2, 2023, 151-168. doi: 10.22103/jdc.2022.19657.1259
Eskandari Sabzi, S., Hajiaghajani, A. (2023). 'The Impact of Covid-19 Epidemic on Stock Market; Case Study of Selected OPEC Member Countries', , 8(2), pp. 151-168. doi: 10.22103/jdc.2022.19657.1259
Eskandari Sabzi, S., Hajiaghajani, A. The Impact of Covid-19 Epidemic on Stock Market; Case Study of Selected OPEC Member Countries. , 2023; 8(2): 151-168. doi: 10.22103/jdc.2022.19657.1259

The Impact of Covid-19 Epidemic on Stock Market; Case Study of Selected OPEC Member Countries

توسعه و سرمایه
Article 8, Volume 8, Issue 2 - Serial Number 15, December 2023, Pages 151-168    PDF (1.04 M)
Document Type: Research Paper
DOI: 10.22103/jdc.2022.19657.1259
Authors
Sima Eskandari Sabzi* 1; Azam Hajiaghajani2
1Assistant Professor of Economics, Miyaneh Branch, Islamic Azad University, Miyaneh, Iran.
2Assistant Professor of Management, Chaloos Branch, Islamic Azad University, Chaloos, Iran.
Abstract
Objective: Financial assets are rapidly responding to global crises. While the COVID-19 pandemic has triggered a sharp rise in uncertainty, the shock to the oil market and the stock market is unprecedented. Economic activities have been severely curtailed due to the fact that many countries have adopted strict quarantine policies since the covid-19 epidemic. The Covid-19 pandemic has led to a sharp rise in uncertainty, with unprecedented shocks to the oil and stock markets. As the COVID-19 pandemic is ongoing, usual social activities and economic trade activities are still restricted, which influences normal economic development. The consequences of the COVID-19 pandemic on the world economy have been forecasted to be much worse than the 2008/2009 Global Financial Crisis (GFC) resulting in a crisis like no other no previous infectious disease outbreak (including the Spanish Flu) has ever affected the stock market as forcefully as the COVID-19 pandemic. With nearly 3 billion people staying at home to prevent spread, the global oil demand dropped significantly. Furthermore, the large-scale outbreak of the COVID-19 pandemic in the world led to the collapse of the global stock market. In 2020, the COVID-19 pandemic has been raging worldwide, and has had a traumatic impact on the global economy, trade, and other aspects. To minimize the impact of the COVID-19 pandemic on the global economy, economists began to analyze their relationship. However, as stock markets are the global economy’s driving force, economists are focusing on research linking the stock markets and the COVID-19 pandemic. Therefore, it is important to research the effect of the pandemic on the oil and gold  price and then stock markets in order to restore normal economic operations as soon as possible and reduce the economic losses incurred by the pandemic. Therefore, considering the importance of the issue, the purpose of this study is to investigate the role of world oil prices, world gold prices, exchange rates on the stock market.
Method: In this research, to study the subject, we use  monthly data of opec oil price, world gold price,  and exchange rate by using the central bank of Iran. OPEC, investing.com  and worldmeter.com data for selected set of opec member countries in the period 2017: 01 to 2022: 08 and also panel data model and generalized method of movement (GMM) have been used. This method is a powerful estimator that, unlike the maximum likelihood method, does not require accurate information on the distribution of error terms and also, this method, which is used in dynamic aggregate data, is based on the assumption that equation error terms are uncorrelated with a set of instrumental variables. we using Im, Pesaran and Shin (IPS) (2003) test examing variables stationary then by pedroni (2004) examine panel cointegration test.
Results: The results of this study show the negative influence of the stock market of selected countries on the epidemic of the Covid-19 virus. In other words, with the spread of the Covid-19 virus, the stock market of the studied countries has been negatively affected. The variables of oil price and exchange rate did not have a significant effect on the stock market index during the studied period. Finally the relationship between gold price and stock market in selected countries is positive. the direct relationship between the gold price  and the stock market indicates that Following the corona virus epidemic in the world and its persistence and uncertainty about the economic activities in the world, gold was considered as a suitable asset for buying and investing and its price increased. As a result, many investors turned to this asset and its excitement is also affecting the stock market, and the stock index of the stock market increased.
Conclusion: Most of the world's financial markets are affected by the coronavirus epidemic. Uncertainty resulting from the situation has led to changes in gold and oil prices and the stock markets of countries have also been affected. the result indicate that the global Covid-19 crisis has led to a decline in the stock market in selected opec member countries, this result is confirmed by the evidence of the last two years in financial markets around the world. there is still much room for investigating the impact of the COVID-19 pandemic on the oil and stock markets. For example, by using high-frequency data, we could study the empirical results by using the GARCH models.
Keywords
Oil Price; Gold Price; Stock Market; Generalized Method of Moment (GMM); Covid-19
References
اسلاملوییان، کریم و زارع، هاشم (1385). بررسی تأثیر متغیرهای کلان و دارایی‌های جایگزین بر قیمت سهام در ایران: یک الگوی خودهمبسته با وقفه‌های توزیعی. پژوهش‌های اقتصادی ایران، 29(8)، 46–17 https://ijer.atu.ac.ir/article_3672_a22dfad2d5137591669284f5f8b6475f.pdf.

بابلی، فاطمه و ابراهیمی، مهرزاد (1399). تعاملات میان طلا، نفت و بازار سهام: مورد مطالعه ایران. پژوهش‌های جدید در مدیریت، 39، 98-83 http://dl.pantajournals.ir/uploads/pdf/2020741493656.pdf.

تیموری، بشری، امام وردی، قدرت اله، اسماعیل نیا کتابی، علی اصغر و نصابیان، شهریار (1399). بررسی سرایت شوک‌های غیرمنتظره در بازارهای مالی ایران   با رویکرد DFGM. مهندسی مالی و مدیریت اوراق بهادار، 43(11)، 56-30 https://fej.ctb.iau.ir/article_676323_4f946d0bc31ef868517 c086848aa5284.pdf.

حیدرزاده هنزایی، علیرضا و فراهانی، محمد (1398). بررسی تأثیر نااطمینانی قیمت نفت و نرخ ارز بر بازده سهام با استفاده از تبدیلات خطی نویزساز و مدل خودبازگشت برداری. دانش مالی تحلیل اوراق بهادار، 43(12)، 142-131 https://jfksa.srbiau.ac.ir/article_14614_575c2e1753d82599 dee8fada46602978.pdf.

رضائیان فردویی، صدیقه، فربد، براهیم، عباس‌پور، شادی، امانی، شهاب، حورعلی، منصوره و امیری، مسعود (1401). الگوسازی تجارت الکترونیکی شرکت دیجی‌کالا در دوران شیوع دنیاگیری کرونا .مجله توسعه و سرمایه، 7(1)، 67-49 https://jdc.uk.ac.ir/article_3306_d650374e503b80f0cd2 bdc34b9f5ee23.pdf.

رودری، سهیل و همایونی‌فر، مسعود (1400). بررسی تأثیر شیوع ویروس کرونا بر بازار سهام ایران با لحاظ تغییرات رژیم. پژوهش‌های اقتصادی ایران، 26(87)، 227-195 https://ijer.atu.ac.ir/article_12939_42470f4cc2bbf9238b9c32851ebc50c6.pdf?lang=en.

سخایی، عمادالدین، خورسندی، مرتضی، محمدی، تیمور و ارباب، حمیدرضا (1399). بررسی آثار شوک ناشی از ویروس کرونا بر اقتصاد ایران: کاربرد الگوی خودرگرسیون برداری جهانی. اقتصاد و الگوسازی، 11(2)، 153-125 https://ijer.atu.ac.ir/article_12939_42470f4cc2bbf9238b9c 32851ebc50c6.pdf?lang=en.

سلمانی، بهزاد؛ محمدزاده، پرویز و ذوالقدر، حمید (1394). بررسی تأثیر عوامل اقتصادی بر نفوذ اینترنت در کشورهای درحال توسعه. نظریه‌های کاربردی اقتصاد، 2، 102-81 https://ecoj.tabrizu.ac.ir/article_4268_66ca5ae5908d56b1a7c7158e4199bc08.pdf.

صانعی‌فر، متین و سعیدی، پرویز (1399). مقایسه شبکه‌های پیچیده بازارهای بورس سهام و متغیرهای اقتصادی در دوران قبل و بعد از شیوع ویروس کرونا (کووید 19). تحقیقات مدلسازی اقتصادی، 40، 158-123 https://jemr.khu.ac.ir/article-1-2035-fa.pdf.

صانعی‌فر، متین، سعیدی، پرویز، عباسی، ابراهیم و دیده خانی، حسین (1399)، شبکه پیچیده تأثیر ویروس کرونا (کووید-19) بر متغیرهای کلان اقتصادی و سقوط بازارهای بورس سهام. مهندسی مالی و مدیریت اوراق بهادار، 11(45)، 296-268 https://fej.ctb.iau.ir/article_679091_61c0933f54cf 10739acc99228ce2d39d.pdf.

صمدی، سعید؛ شیرانی فخر، زهره و داورزاده، مهتاب (1386). بررسی میزان اثرپذیری شاخص قیمت سهام بورس اوراق بهادار تهران از قیمت جهانی نفت و طلا (مدل‌سازی و پیش‌بینی). اقتصاد مقداری، 2(4)، 51-25 https://aes.basu.ac.ir/article_1886_eacb2c98711784b6d55f67c34d97944b.pdf.

عسکری مقدم، عباس، هژبر کیانی، کامبیز، معمارنژاد، عباس و پیکارجو، کامبیز (1399). تجزیه‌وتحلیل رابطه حمل و نقل هوایی و ارزش‌افزوده اقتصادی با روش گشتاورهای تعمیم‌یافته (مطالعه موردی: استان‌های ایران). حمل و نقل، 17(3)، 120-103 https://www.trijournal.ir/article_113714_ 322a2e8072d441ad770d55d6806694d7.pdf.

فتاحی، شهرام، و کیان‌پور، سعید (1399). وابستگی بین بازدهی بورس، بازدهی طلا و گسترش ویروس کرونا در ایران: رویکرد توابع کاپیولا. اقتصاد و الگوسازی، 11(2)، 221-181 https://ecoj.sbu.ac.ir/article_100975_23e5ff1034c2ce7263089ca09049e14b.pdf.

فطرس، محمدحسن و هوشیدری، مریم (1395). بررسی تأثیر نوسانات قیمت نفت خام برنوسانات بازدهی بورس اوراق بهادار تهران رویکرد گارچ چندمتغیره. پژوهشنامه اقتصاد انرژی ایران، 5(18)، 187-147 https://jiee.atu.ac.ir/article_7195_c6df181647aaccf6970dbe5f6e3cd1c7.pdf.

فکاری سردهایی، بهزاد، صبوحی، محمود و شاهپوری، احمدرضا (1397). بررسی آثار تغییرات قیمت نفت خام بر شاخص بورس بهادار تهران، کاربرد الگوی M-GARCH رهیافت BEKK. تحقیقات اقتصادی، 53(2)، 407-387 https://jte.ut.ac.ir/article_65948_9d16ed7a0a30a76f99d64f067ac92cea.pdf.

قاسمی، عبدالرسول؛ محمدی، تیمور؛ توکلیان، حسین و صادقین، علی (1399). همبستگی پویا بین بازار نفت با بازارهای مالی، صنایع نفتی و پتروشیمی در ایران. مطالعات اقتصاد انرژی، 16(65)، 34-1 https://iiesj.ir/article-1-1188-fa.html.

کشاورز حداد، غلامرضا و معنوی، سید حسن (1387). تعامل بازار سهام و ارز در ایران با تاکید بر تأثیر تکانه‌های نفتی. پژوهش‌های اقتصادی ایران، 12(37)، 169-147 https://ijer.atu.ac.ir/article_3552_6a28bd015340bb3db24a612e3f12185b.pdf.

محمدمهدی پور، طوبی (1399). بررسی شیوع بیماری کرونا بر بازدهی بازار سرمایه ایران. چهارمین کنفرانس علمی تحقیقات کاربردی در علوم و تکنولوژی ایران، ایلام https://www.sid.ir/paper/900183/fa#downloadbottom.

مشکی، محمد (1390). تعیین عوامل مؤثر بر عملکرد شرکت‌های بورسی با استفاده از روش گشتاورهای تعمیم‌یافته (GMM) و حداقل مربعات تعمیم‌یافته برآوردی (EGLS). پیشرفت‌های حسابداری، 3(1)، 118-91 https://www.sid.ir/paper/454741/fa.

ورهرامی، ویدا و دادگر، معصومه (1399). بررسی بر هم کنش بازارهای اقتصادی ایران با توجه به اثر کیفی پاندمی کرونا با رهیافت SVAR. سیاست‌های مالی و اقتصادی، ۸(۳۲)، 45-7 https://qjfep.ir/article-1-1229-fa.pdf.

هنرور، نغمه (1400). بررسی علیت بلندمدت بین شیوع کرونا و متغیرهای منتخب اقتصادی ایران با استفاده از تخمین جز تصحیح خطا. مجله توسعه و سرمایه، 6(2)، 70-57 https://jdc.uk.ac.ir/article_3192_fa2bdc175d9ff3c48d1c891ae7a771ef.pdf.

یحیی‌زاده‌فر، محمود؛ لاریمی، جعفر و فرامرزی، رکسانا (1391). بررسی تأثیر تکانه‌های قیمتی و درآمدی نفت بر بازده واقعی سهام شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران. مطالعات حسابداری و حسابرسی، (2)، 63-44 https://www.iaaaas.com/article_105381_5a183b99c25c8b72c32e1306e17074bd.pdf.

References

Al-Fayoumi, N.A. (2009). Oil prices and stock market returns in oil importing countries: The case of Turkey, Tunisia and Jordan. European Journal of Economics,Finance and Administrative Sciences, 16, 86-101  https://www.researchgate.net/publication/255644114_Oil_Prices_and_Stock_Market_Returns_in_Oil_Importing_Countries_The_Case_of_Turkey_Tunisia_and_Jordan.

Ali, M., Alam, N., & Rizvi, S.A.R. (2020). Coronavirus (COVID-19)—An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 100341 https://doi.org/10.1016/j.jbef.2020.100341.

Apergis, N., & Miller, S.M. (2009). Do structural oil-market shocks affect stock prices? Energy Economics, 31(4), 569–575 https://doi.org/10.1016/j.eneco.2009.03.001.

Arellano, M., &. Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-52 https://doi.org/10.1016/0304-4076(94)01642-D.

Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: monte carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297 https://doi.org/10.2307/2297968.

Arouri, M.E., Lahiani, A., & Nguyen, D.K. (2015). World gold prices and stock returns in China: Insights for hedging and diversification strategies. Economic Modelling, 44, 273–282 https://doi.org/10.1016/j.econmod.2014.10.030.

Ashraf, B.N. (2020). Stock markets’ reaction to COVID–19: Cases or fatalities? Research in International Business and Finance, 54, 101249 https://doi.org/10.1016/j.ribaf.2020.101249.

Askari Moghaddam, A., Hojabr Kiani, K., Memarnejad, A., & Peykarjou, K. (2020). Analyzing the relationship between air transportation and economic value added with generalized method of moments (Case study: Iran provinces). Journal of Transportation Research, 17(3), 103-120 https://www.trijournal.ir/article_113714_322a2e8072d441ad770d55d6806694d7.pdf [In Persian].

Baboli, F., & Ebrahimi, M. (2020). Interaction of gold, oil and stock market: Case study of IRAN. New Research in Management and Accounting, 39, 83-98 http://dl.pantajournals.ir/uploads/pdf/2020741493656.pdf [In Persian].

Basher, S.A., & Sadorsky, P. )2006(. Oil price risk and emerging stock market. Global Finance Journal, 17, 224–251 https://doi.org/10.1016/j.gfj.2006.04.001.

Baur, D.G. (2012). Asymmetric volatility in the gold market. Journal of Alternative Investments, 14, 26-38 https://www.pm-research.com/content/iijaltinv/14/4/26.

Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143 https://doi.org/10.1016/S0304-4076(98)00009-8.

Chundakkadana, R., & Nedumparambil, E. (2021). In search of COVID-19 and stock market behavior. Global Finance Journal, Available online 23 March 2021, 100639 https://doi.org/10.1016/j.gfj.2021.100639.

Eryiğit, M. (2009). Effects of oil price changes on the sector indices of istanbul stock exchange. International Research Journal of Finance and Economics, 25, 209–216 https://www.researchgate.net/publication/ 285630900_Effects_of_Oil_Price_Changes_on_the_Sector_Indices_of_Istanbul_Stock_Exchange.

Eslamloueyan, K., & Zare, Z. (2007). The impact of macro variables and alternative assets on stock price movement in Iran: An ARDL model. Iranian Journal of Economic Research, 8(29), 17-46 https://ijer.atu.ac. ir/article_3672_a22dfad2d5137591669284f5f8b6475f.pdf [In Persian].

Fakari Sardehae, B., Sabuhi, M., & Shahpuri, A. (2018). The effects of changes in the price of crude oil on the Tehran Stock Exchange index: The use of M-GARCH approach BEKK. Journal of Economic Research, 53(2), 387-407 https://jte.ut.ac.ir/article_65948_9d16ed7a0a30a76f99d64f067ac92cea.pdf [In Persian].

Fattahi, S., & Kianpoor, S. (2020). The dependence of returns in stock exchange returns and gold markets with spread of Covid-19 virus in Iran: The copula functions approach. Journal of Economics and Modelling, 11(2), 181-221 https://ecoj.sbu.ac.ir/article_100975_23e5ff1034c2ce7263089ca09049e14b.pdf [In Persian].

Fisher, I. (1930). The stock market crash and after (New York: Macmillan, 1930) https://doi.org/10.1111/j.2397-2335.1930.tb02282.x.

Fotros, M.H., & Hoshidari, M. (2017). The amount of influence fluctuations in the price index of Tehran Stock Exchange And Dubai fluctuations in oil prices (WTI). Quarterly Journal of Applied Economics Studiesin Iran, 6(22), 171-195 https://jiee.atu.ac.ir/article_7195_c6df181647aaccf6970dbe5f6e3cd1c7.pdf [In Persian].

Ghasemi, A., Mohammadi, T., Tavakolian, H., & Sadeghin, A. (2020). Dynamic correlation between oil markets and financial markets and oil and petrochemical industries in Iran. Quarterly Energy Economics Review, 16(65), 1-34 https://iiesj.ir/article-1-1188-fa.html [In Persian].

Gokmenoglua, K.K., & Fazlollahi, N. (2015). The Interactions among Gold, Oil, and Stock Market: Evidence from S&P500. Procedia Economics and Finance, 25, 478-488 https://doi.org/10.1016/S2212-5671(15)00760-1.

Hasan, Md.B., Mahi, M., & Hassan, M.K., & Bhuiyan, A.B. (2021). Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis. The North American Journal of Economics and Finance,  58, 101504 https://doi.org/10.1016/j.najef.2021.101504.

He, X., Lau, E.H.Y., Wu, P., Deng, X., Wang, J., Hao, X., Lau, Y.C., Wong, J.Y., Guan, Y., Tan, X., Mo, X., Chen, Y., Liao, B., Chen, W., Hu, F., Zhang, Q., Zhong, M., Wu, Y., Zhao, L., Zhang, F., Cowling, B.J., Li, F., & Leung, G.M. (2020). Temporal dynamics in viral shedding and transmissibility of COVID-19. Nat Med, 26, 672–675 https://www.nature.com/articles/s41591-020-0869-5.

Heidarzadeh Hanzaee, A., & Farahani, M. (2019). Investigating the impact of oil price and exchange rate uncertainty on stock return using whitening linear transformation and vector autoregressive model. Financial Knowledge of Securities Analysis, 12(43), 131-142 https://jfksa.srbiau.ac.ir/article_14614_575c2e1753d 82599dee8fada46602978.pdf [In Persian].

Heinlein, R., Legrenzi, G., & Mahadeo, S.M.R. (2021). Crude oil and stock markets in the COVID-19 crisis: Evidence from oil exporters and importers. The Quarterly Review of Economics and Finance, 82, 223-229. https://pure.port.ac.uk/ws/portalfiles/portal/42940577/Heinlein_Legrenzi_Mahadeo_2021_Oil_stock_market_in_COVID_19_QREF.pdf.

Honarvar, N. (2021). Investigating the long run causality between coronavirus prevalence and selected economic variables in iran using estimation error correction term coefficient. Journal of Development and Capital, 6(2), 57-70 https://jdc.uk.ac.ir/article_3192_fa2bdc175d9ff3c48d1c891ae7a771ef.pdf [In Persian].

Hung, D.V., Nguyen, T., & Vu Thuy, D. (2021). The Impact of COVID-19 on Stock Market Returns in Vietnam. Journal of Risk and Financial Management, 14, 441. https://doi.org/10.3390/jrfm14090441.

IEA. (2020). Global Energy Review 2020, IEA, Paris https://www.iea.org/reports/global-energy-review-2020, License: CC BY 4.0.

Im, K.S., Pesaran, M.H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74 https://doi.org/10.1016/S0304-4076(03)00092-7.

Javadi, F., Arouri, M., & Bellalah, M. (2010). Nonlinear linkages between oil and stock markets in developed and emerging countries. International Journal of Business, 15(1), 19-31 https://www.researchgate.net/publication/ 266358511_nonlinear_linkages_between_oil_and_stock_markets_in_developed_and_emerging_countries.

Jones, C.M., & Kaul, G. (1996). Oil and the stock market. Journal of Finance, 51, 463-491 https://doi.org/ 10.2307/2329368.

Kaufmann, R.K., & Winters, R.A. (1989). The price of gold: A simple model. Resources Policy, 15(4), 309-313 https://doi.org/10.1016/0301-4207(89)90004-4.

Kelikume, I., & Muritala, O. (2019). The impact of changesin oil price on stock market: Evidence from Africa. International Journal of Management, Economics and Social Sciences, 8(3), 169-194 https://www.econstor.eu /bitstream/10419/205142/1/full-3.pdf.

Keshavarzhadad, G.R., & Maanavi, H. (2009). Stock market and exchange ratesmarkets interactions with with respect to oil shocks. Iranian Journal of Economic Research, 12(37), 155-177 https://ijer.atu.ac.ir/article_ 3552_6a28bd015340bb3db24a612e3f12185b.pdf [In Persian].

Kondoz, M., Bora, I., Kirikkaleli, D., & Athari, S.A.( 2019). Testing the volatility spillover between crude oil   priceand the U.S. stock market returns. Management Science Letters. 9, 1221–1230 https://ssrn.com/abstract=4300741.

Leelahaphan, T. (2009). Monetary policy, exchange rate and Asian stock markets, in Singapore. Economic Review Conference, Singapore. Available at http://editorialexpress.com/conference/serc2009/program/serc serc2009.html (accessed 6 April 2011).

Lescaroux, F., & Mignon, V. (2008). On the influence of oil prices on economic activity and other macroeconomic and financial variables. OPEC Energy Review, 32(4), 343–380 http://www.cepii.fr/PDF_PUB/wp/2008/wp2008-05.pdf.

Liu, H.Y., Manzoor, A., Wang, C.Y., & Zaira, M. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Enviromental Research and Public Health, 17, 1–19 https://doi.org/10.3390/ ijerph17082800.

Miller, J.I., & Ratti, R.A. (2009). Crude oil and stock markets: Stability, instability, and bubbles. Energy Economics, 31, 559–568 https://doi.org/10.1016/j.eneco.2009.01.009.

Mishra, P.K., Das, J.R., & Mishra, S.K. (2010). Gold Price Volatility and Stock MarketReturns in India. American Journal of Scientific Research 9, 47-55 https://www.researchgate.net/publication/280324587_gold_price _volatility_and_stock_market_returns_in_India.

Mohammad Mahdipour, T. (2020). Investigation of the effect of coronavirus outbreak on iran stock market. Fourth Scientific Conference on Applied Research in Science and Technology in Iran. https://www.sid.ir/paper/900183/ fa#downloadbottom [In Persian].

Moshki, M. (2012). Determining factors affecting the performance of stock companies using the method of generalized moments (GMM) and estimated generalized least squares (EGLS). Journal of Advances in Accounting, 3(1), 91-119 https://www.sid.ir/paper/454741/fa [In Persian].

Narayan, P.K. (2020). Oil price news and COVID-19, Is there any connection? Energy Research Letters, 1(1), 1-5 https://doi.org/10.46557/001c.13176.

Narayan, P.K,. & Narayan, S. (2010). Modelling the impact of oilprice on Vietnam stock prices. Applied Energy, 87, 356–361 https://doi.org/10.1016/j.apenergy.2009.05.037.

Ozili, P. (2020). COVID-19 in Africa: socio-economic impact, policy response and opportunities. International Journal of Sociology and Social Policy, https://doi.org/10.1108/IJSSP-05-2020-0171.

Pedroni, P. (2004) Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the ppp hypothesis. Econometric Theory, 20, 597-625 https://www.jstor.org/stable/3533533.

Pesaran, M.H. (2015). Testing weak cross-sectional dependence in large panels. Econometric Reviews, Taylor & Francis Journals, 34(6-10), 1089-1117 https://doi.org/10.1080/07474938.2014.956623.

Prabheesh, K.P., Padhan, R., & Garg, B. (2020). COVID-19 and the oil price – stock market nexus: Evidence from net oil- importing countries. Energy Research Letters, 1(2) https://www.researchgate.net/publication/343424527_ COVID-19_and_the_oil_price__stock_market_nexus_evidence_from_net_oilimporting_countries.

Rahman, M., & Mustafa, M. (2018). Effects of crude oil and gold prices on us stock market: Evidence for USA from ARDL bounds testing. 3, 1-9 https://www.researchgate.net/publication/322720007_effects_of_ crude_oil_and_gold_prices_on_us_stock_market_evidence_for_usa_from_ardl_bounds_testing.

Rezaiyan Fardoie, S., Farbod, E., Abbaspour, Sh., Amani, Sh., Hourali, H., & Amiri, M. (2022). Modeling e-commerce of Digikala company in pandemic Corona outbreak. Journal of Development and Capital, 7(1), 49-67 https://jdc.uk.ac.ir/article_3306_d650374e503b80f0cd2 bdc34b9f5ee23.pdf [In Persian].

Roudari, S., & Homayounifar, M. (2021). Investigation of the effect of coronavirus outbreak on iran stock market by considering regime changes. Iranian Journal of Economic Research, 26(87), 195-227 https://ijer.atu.ac.ir/ article_12939_42470f4cc2bbf9238b9c32851ebc50c6.pdf?lang=en [In Persian].

Sadorsky, P. (1999). Oil price shocks and stock market activity. Energy Economics, 21, 449-469 https://doi.org/10.1016/S0140-9883(99)00020-1.

Sakhaei, E., Khorsandi, M., Mohammadi, T., & Arbab, H.R. (2020). Investigating the effects of shock caused by Covid-19 virus on the Iran's economy: A GVAR approach. Journal of Economics and Modeling, 11(42), 125-153 https://ijer.atu.ac.ir/article_12939_42470f4cc2bbf9238b9c32851ebc50c6.pdf?lang=en [In Persian].

Salisu, A.A., Ebuh, G.U., & Usman, N. (2020). Revisiting oil-stock nexus during COVID-19 pandemic: Some preliminary results. International Review of Economics and Finance, 69, 280–294 https://doi.org/10.1016/ j.iref.2020.06.023.

Salmani, B., Mohammadzadeh, P., & Zolghadr, H. (2015). The effect of economic factors on internet diffusion in developing countries. Quarterly Journal of Applied Theories of Economics, 2(2), 81-102 https://ecoj.tabrizu.ac.ir/article_4268_66ca5ae5908d56b1a7c7158e4199bc08.pdf [In Persian].

Samadi, S., Shirani Fakhr, Z., & Davarzadeh, M. (2007). Investigating the influence of world price of gold and oil on the tehran stock exchange index: Modelling and forecasting. Quarterly Journal of Quantitative Economics, 4(2), 25-51 https://aes.basu.ac.ir/article_1886_eacb2c98711784b6d55f67c34d97944b.pdf [In Persian].

Saneifar, M., & Saeedi, P. (2020). Comparison of complex networks of stock markets and economic variables in the period before and after the outbreak of coronavirus (Covid-19). Journal of Economic Modeling Research, 40, 123-158 https://jemr.khu.ac.ir/article-1-2035-fa.pdf [In Persian].

Saneifar, M., Saeedi, P., Abaasi, E., & Didehkhani, H. (2021). The complex network of the impact of the coronavirus (Qovid-19) on macroeconomic variables and the stock markets crash. Financial Engineering and Protfolio Management, 11(45), 268 -296 https://fej.ctb.iau.ir/article_679091_61c0933f54cf10739acc99228ce2d39d.pdf [In Persian].

Sari, R., & Soytas, U. (2006). The Relationship between stock returns, crude oil prices, interest rates, and output: Evidence from a developing economy. The Empirical Economics Letters, 5(4), 205-220 https://www.researchgate. net/publication/228431253_The_relationship_between_stock_returns_crude_oil_prices_interest_rates_and_output_evidence_from_a_developing_economy.

Sarwar, S., Tiwari, A.K., & Tingqiu, C. (2020). Analyzing volatility spillovers between oil market and Asian stock markets. Resour Policy, 66,1-12 https://ideas.repec.org/a/eee/jrpoli/v66y2020ics0301420719304957.html.

Shabbir, A., Kousar, SH., & Batool, S.A. (2019). Impact of gold and oil prices on the stock market in Pakistan. Journal of Economics, Finance and Administrative Science, 2077-1886 http://dx.doi.org/10.1108/jefas-04-2019-0053.

Sharif, A., Aloui, C., & Yarovaya, L.(2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis,70, 101496 https://doi.org/10.1016/j.irfa.2020.101496.

Teimoori, B., Emamverdi, G.H., Esmaeeilniya Ktabi, A., & Nessabian, S.H. (2020). The investigation of contagion unanticipated shocks in iranian financial markets by DFGM approach. Financial Engineering and Protfolio Management,11(43), 30-56 https://fej.ctb.iau.ir/article_676323_4f946d0bc31ef868517c086848aa 5284.pdf [In Persian].

Varahrami, V., & Dadgar, M. (2021). Investigating the interaction of iranian economic markets with respect to the qualitative effect of the Corona pandemic with the SVAR approach. Quarterly Journal of Fiscal and Economic Policies, 8(32), 7-45 https://qjfep.ir/article-1-1229-fa.pdf [In Persian].

Wagner, A.F. (2020). What the stock market tells us about the post-COVID-19 world. Nature Human Behaviour, 4, 440 https://www.nature.com/articles/s41562-020-0869-y.

Williams, J.B. (1938), The theory of investment value. Harvard University Press https://ia801506.us.archive.org/ 18/items/in.ernet.dli.2015.225177/2015.225177.The-Theory.pdf

Yahyazadehfar, M., Aligholi, M., & Faramarzi, R. (2012). The effect of oil price and income shocks on stock's real return in listed companies of Tehran Stocks Exchange. Accounting & Auditing Studies, 1(2), 44-63 https://www.iaaaas.com/article_105381_5a183b99c25c8b72c32e1306e17074bd.pdf [In Persian].

Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Financ Research Letters, 36, 101528 https://doi.org/10.1016/j.frl.2020.101528.

Statistics
Article View: 806
PDF Download: 122


Journal management system. designed by sinaweb