코로나19 불황기, 중국 증시의 이상 행태와 뉴스에 대한 반응 = News and the Behavior of the Chinese Stock Market during the COVID－19 Recession

다국어 초록 (Multilingual Abstract)

[Purpose]In this study, the COVID－19 financial crisis period was set from January 2, 2020 to August 31, 2021, and during this period, the response of the Chinese stock market was investigated using news data that newly composed the response of good and bad news in the Chinese stock market. In other words, the efficient market hypothesis in terms of behavioral economy was investigated.
[Methodology]Based on method of event studies, in order to investigate which news affects the SSEC index returns and how, event－study－methodology is applied for the main estimation methodology following the standard protocol of event study. The very method of event studies has come to refer generally to procedures for estimating abnormal returns and testing level of significance.
[Findings]This paper studies SSEC(Shanghai Stock Exchange Index) investors reacted more strongly to bad news in both rising and falling markets. Other interesting findings are that confirmation bias has not been found in stock traders’ behavior against domestic and global news in the Chinese stock market. Also, in both cases of good news and bad news, the Chinese stock market gives few more weights to hard news than to soft news during a crisis.
[Implications]In the management of this paper, this study will provide help for stock market investors when investing or provide reference significance for the state to manage the stock market.

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