Stock Market Reactions of Malaysian Firms and Industries Towards the Announcement of COVID-19 Movement Control Order

Stock Market Reactions of Malaysian Firms and Industries Towards the Announcement of COVID-19 Movement Control Order

Author: Redhwan Al-dhamari

Publisher:

Published: 2023

Total Pages: 0

ISBN-13:

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Purpose: This paper examines the stock market reactions of firms and industries in Malaysia to the government's COVID-19 movement control order (MCO) announcement. In addition, we observe if the confirmation of human-to-human transmission of coronavirus by the Chinese government and ease of restrictions on economic activities by the Malaysian government affects the abnormal returns. Finally, we analyse the effect of COVID-19 number of confirmed cases on firm abnormal returns. Design/methodology/approach: We use an event study methodology to determine the abnormal returns between day -30 to day 30 of the announcements. In addition, we employ the regression estimation to determine whether the COVID-19 number of confirmed cases explain the abnormal returns. Findings: We find that investors react negatively to the announcement of the MCO and confirmation of the human-to-human transmission of coronavirus over the event windows. However, the cumulative average abnormal returns (CAARs) started to recover when stimulus packages were introduced, and the lockdown measures were eased, allowing businesses to reopen. We also find that only firms in the healthcare sector reported significant positive CAARs. Stock returns of the utilities and telecommunication firms showed no changes, while eight other sectors fell remarkably. The downfall of the stock market can be attributed to economic uncertainty, fear of death, a halt in economic activities and a relatively increased number of COVID-19 positive cases. The findings are supported by the regression results, which show that the COVID-19 number of confirmed cases adversely affects firm abnormal returns. Practical implications: This study suggests that stock prices incorporate bad and good news surrounding the announcements of major international and local events related to the COVID-19 pandemic. Thus, investors should consider such factors in making investment decisions. Originality: To the best of our knowledge, this paper is one of the early research works investigating the stock market reactions, at the firm and industry levels, to the COVID-19 major announcements using an event study methodology. This study is timely in light of the recently increasing calls for researchers to analyse the potential economic impacts of COVID-19 on global capital markets.


COVID-19, Business, and Economy in Malaysia

COVID-19, Business, and Economy in Malaysia

Author: Weng Marc Lim

Publisher: Routledge

Published: 2021-09-06

Total Pages: 153

ISBN-13: 1000476855

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Part of a mini-series of Focus books on COVID-19 in Malaysia, the chapters in this book address the pandemic’s impact on business and the economy in Malaysia. Covering a range of challenges and opportunities for business and the economy over a year-long period, starting from Malaysia’s first pandemic lockdown in March 2020 to the state of the country as of May 1, 2021, the contributors highlight the impact of the pandemic on the Malaysian business and economy and how Malaysians are finding ways to adapt and rise above adversity. They illustrate how the pandemic has affected businesses and anticipate the prospects for the Malaysian economy going forward. This is also an opportunity to witness how researchers from multiple disciplines can join forces during challenging times to deliver insightful research with impact. More importantly, there are many lessons to be learned from the successes and failures in responding to the pandemic in this developing Southeast Asian economy. A fascinating read for individuals with an interest in crisis adaptation in non-Western contexts, especially those with a particular interest in Malaysia or Southeast Asia more generally.


Impacts of COVID-19 on Firms in Malaysia

Impacts of COVID-19 on Firms in Malaysia

Author: Smita Kuriakose

Publisher:

Published:

Total Pages:

ISBN-13:

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The re-imposition of the Conditional Movement Control Order during mid-October 2020 and the upgrade to a stricter lockdown to Movement Control Order in January 2021 has substantially weakened the recovery momentum highlighted in Round 1 of Business Pulse Survey (early October 2020). To adapt to the latest lockdown, the majority of firms responded by remaining partially open in operations. Employment adjustments such as reducing work hours remain the most common method by firms. Supply chain disruptions remain a major problem in the market. Adoption of digital technologies remains the most popular choice for adjustment by firms, with sales and marketing functions topping the list of digital adoption.


Global Trends 2040

Global Trends 2040

Author: National Intelligence Council

Publisher: Cosimo Reports

Published: 2021-03

Total Pages: 158

ISBN-13: 9781646794973

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"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.


Clinical Virology

Clinical Virology

Author: Douglas D. Richman

Publisher: John Wiley & Sons

Published: 2020-07-10

Total Pages: 1489

ISBN-13: 1555819435

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The essential reference of clinical virology Virology is one of the most dynamic and rapidly changing fields of clinical medicine. For example, sequencing techniques from human specimens have identified numerous new members of several virus families, including new polyomaviruses, orthomyxoviruses, and bunyaviruses. Clinical Virology, Fourth Edition, has been extensively revised and updated to incorporate the latest developments and relevant research. Chapters written by internationally recognized experts cover novel viruses, pathogenesis, epidemiology, diagnosis, treatment, and prevention, organized into two major sections: Section 1 provides information regarding broad topics in virology, including immune responses, vaccinology, laboratory diagnosis, principles of antiviral therapy, and detailed considerations of important organ system manifestations and syndromes caused by viral infections. Section 2 provides overviews of specific etiologic agents and discusses their biology, epidemiology, pathogenesis of disease causation, clinical manifestations, laboratory diagnosis, and management. Clinical Virology provides the critical information scientists and health care professionals require about all aspects of this rapidly evolving field.


Widen the Window

Widen the Window

Author: Elizabeth A. Stanley, PhD

Publisher: Penguin

Published: 2019-09-24

Total Pages: 498

ISBN-13: 0735216592

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"I don't think I've ever read a book that paints such a complex and accurate landscape of what it is like to live with the legacy of trauma as this book does, while offering a comprehensive approach to healing." --from the foreword by Bessel van der Kolk A pioneering researcher gives us a new understanding of stress and trauma, as well as the tools to heal and thrive Stress is our internal response to an experience that our brain perceives as threatening or challenging. Trauma is our response to an experience in which we feel powerless or lacking agency. Until now, researchers have treated these conditions as different, but they actually lie along a continuum. Dr. Elizabeth Stanley explains the significance of this continuum, how it affects our resilience in the face of challenge, and why an event that's stressful for one person can be traumatizing for another. This groundbreaking book examines the cultural norms that impede resilience in America, especially our collective tendency to disconnect stress from its potentially extreme consequences and override our need to recover. It explains the science of how to direct our attention to perform under stress and recover from trauma. With training, we can access agency, even in extreme-stress environments. In fact, any maladaptive behavior or response conditioned through stress or trauma can, with intentionality and understanding, be reconditioned and healed. The key is to use strategies that access not just the thinking brain but also the survival brain. By directing our attention in particular ways, we can widen the window within which our thinking brain and survival brain work together cooperatively. When we use awareness to regulate our biology this way, we can access our best, uniquely human qualities: our compassion, courage, curiosity, creativity, and connection with others. By building our resilience, we can train ourselves to make wise decisions and access choice--even during times of incredible stress, uncertainty, and change. With stories from men and women Dr. Stanley has trained in settings as varied as military bases, healthcare facilities, and Capitol Hill, as well as her own striking experiences with stress and trauma, she gives readers hands-on strategies they can use themselves, whether they want to perform under pressure or heal from traumatic experience, while at the same time pointing our understanding in a new direction.


Communicating Risk in Public Health Emergencies

Communicating Risk in Public Health Emergencies

Author: World Health Organization

Publisher:

Published: 2017

Total Pages: 0

ISBN-13: 9789241550208

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"During public health emergencies, people need to know what health risks they face, and what actions they can take to protect their health and lives. Accurate information provided early, often, and in languages and channels that people understand, trust and use, enables individuals to make choices and take actions to protect themselves, their families and communities from threatening health hazards." -- Publisher's description.


The Global Airline Industry

The Global Airline Industry

Author: Peter Belobaba

Publisher: John Wiley & Sons

Published: 2015-07-06

Total Pages: 536

ISBN-13: 1118881141

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Extensively revised and updated edition of the bestselling textbook, provides an overview of recent global airline industry evolution and future challenges Examines the perspectives of the many stakeholders in the global airline industry, including airlines, airports, air traffic services, governments, labor unions, in addition to passengers Describes how these different players have contributed to the evolution of competition in the global airline industry, and the implications for its future evolution Includes many facets of the airline industry not covered elsewhere in any single book, for example, safety and security, labor relations and environmental impacts of aviation Highlights recent developments such as changing airline business models, growth of emerging airlines, plans for modernizing air traffic management, and opportunities offered by new information technologies for ticket distribution Provides detailed data on airline performance and economics updated through 2013


Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics

Geopolitical Risk on Stock Returns: Evidence from Inter-Korea Geopolitics

Author: Seungho Jung

Publisher: International Monetary Fund

Published: 2021-10-22

Total Pages: 36

ISBN-13: 1557759677

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We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.


Navigating COVID-19 in Asia and the Pacific

Navigating COVID-19 in Asia and the Pacific

Author: Bambang Susantono

Publisher: Asian Development Bank

Published: 2020-09-01

Total Pages: 324

ISBN-13: 9292623567

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Coronavirus disease (COVID-19) has unleashed unparalleled challenges. At the same time, it offers a window to rethink Asia’s most fundamental development policies and strategies to address inequality, socioeconomic vulnerability, and environmental challenges. This publication gathers blogs and short policy pieces contributed by ADB staff and experts in an attempt to tackle immediate challenges and prepare for what may lie beyond the horizon. It covers a broad range of development challenges and highlights the crucial role of rapid adoption of digital technologies, adequate supply of quality infrastructure, disaster risk management, and strengthening regional cooperation for a resilient and sustainable future by shaping post-pandemic conditions.