THE DIRECT AND INDIRECT EFFECTS OF THE COVID 19 PANDEMIC ON AFRICA’S MAJOR STOCK EXCHANGES: AN APPROACH BY THE METHOD OF GENERALIZED MOMENTS

Amon Aniké DEH, Kéba Aly GOUDIABY

Résumé


This paper studies the direct and indirect effects of the Covid 19 health crisis on the performance of major African stock indices. The methodological approach is based on dynamic panel data using the system generalized method of moments. The sample consists of six (06) African stock market indices over the period from February 13, 2020 to March 11, 2021, i.e. 1,620 observations. The results of our study show that the covid 19 pandemichad a significant negative effect on the returns of the African stock market indices. However, the impact of the indirect effectis volatile. This work could help to understand investor behaviour and influence investment decisions in the event of a pandemic situation.


Mots-clés


Profitability, Stock market index, COVID-19. JEL classification : C19, G14, G15

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DOI: https://doi.org/10.34874/IMIST.PRSM/ffi-v1i24.33384

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ISSN : 2489-1290

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