The Early Impact of Government Financial Intervention Policies and Cultural Secrecy on Stock Market Returns During the COVID-19 Pandemic: Evidence From Developing Countries

This paper examines the role of government financial intervention policies and cultural secrecy on equity market returns during start COVID-19 pandemic in developing countries’ stock markets. We employ global data including 939 observations across 32 countries (23 emerging 9 frontier markets) from December 1 to April 28, 2020. Our results show that above-mentioned set out curb succeed increasing returns. It reflects investors’ improved perceptions governments’ commitment stabilizing economy developing, emerging, Results investors all markets discount differences processing information when investing find truly react negatively rise number confirmed cases reported. Yet, we wields no influence presents as a safe-haven investment destination health outbreak. work helps such events identify best worst destinations At same time, it is important understand critical roles of: firstly, introduced policies; secondly, daily growth reported