The Dynamic Impact of COVID-19 Pandemic on Stock Returns: A TVP-VAR-SV Estimation for G7 Countries

The COVID-19 pandemic has profoundly and negatively impacted the global stock markets. Hence, we investigated the time-varying impact of the COVID-19 pandemic on stock returns during the period from January 27, 2020 to December 23, 2021 using the TVP-VAR-SV model and used G7 countries as our research sample. Our results imply that (i) the spread of the COVID-19 pandemic has a significant negative impact on stock returns, but the impact decreases as the time window increases;(ii) the timeliness, compulsoriness, and effectiveness of anti-epidemic policies implemented by governments are the important adjustment factors for stock returns;(iii) the impact of the early stage of the COVID-19 pandemic on the stock market trend gradually weakens as the intermediate time interval increases. In addition, over time, the duration of the negative impact of the COVID-19 pandemic on the stock returns became shorter, and the recovery rate of the impact became faster;(iv) under the managed floating exchange rate regime, the stock returns changed synchronously with the pressures of exchange rate appreciation and depreciation, and under the free-floating exchange rate regime, the effect of the exchange rate on stock returns was almost zero, while the impact of exchange rate channels in eurozone countries was related to the characteristics of national economies. Thus, governments should make greater efforts to improve the compulsion and effectiveness of epidemic prevention policies and strengthen their control over exchange rate fluctuations to alleviate the negative impact of the COVID-19 pandemic on the stock markets.

Episodic future thinking and anticipatory emotions: Effects on delay discounting and preventive behaviors during COVID-19.

We examined the effects of anticipatory emotions induced by episodic future thinking on the basic decision-process of delay discounting and preventive behaviors during the most stringent COVID-19 "lockdown" period in China. We define anticipatory emotions as any discrete emotions induced from anticipating decision outcomes and felt during decision-making. In an online study conducted with healthy volunteers, anticipatory emotions were induced and appraised by asking participants to rate various emotions they feel when thinking they may be infected by COVID-19 (N = 246). The participants in the control group reported their present emotions during the COVID-19 pandemic (N = 245). Compared with the control group, the participants in the anticipatory emotion group had a higher future-oriented preference for monetary rewards, with a significantly lower delay discounting rate. These participants also had a higher intention to engage in proactive, preventive behaviors. The likelihood estimate of being infected by COVID-19 mediated these effects. Moreover, anticipatory disgust increased the preference for larger-and-later rewards. Anticipatory emotions induced by future thinking guide fast and rational decision-making in a health crisis.

Age-stratified analysis of SARS-CoV-2 infection and case fatality rate in China, Italy, and South Korea.

OBJECTIVE: We aimed to compare the characteristics of coronavirus disease (COVID-19), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) in China, Italy, and South Korea. MATERIALS AND METHODS: Detailed national epidemiological information of COVID-19 was retracted from the latest statistics reports from China, Italy, and South Korea. Population-based analysis of the age distribution among confirmed cases was conducted and their crude case fatality ratio in each c RESULTS: The age distributions among COVID-19 cases were relatively similar between China and Italy with primarily elderly populations infected, which were considerably different from that in South Korea with primarily younger individuals infected. Most deaths occurred among elderly individuals who were older than 60 years in both Italy (98.0%) and South Korea (87.9%), consistent with the previous data from China (81.0%). CONCLUSIONS: Most deaths occurred among elderly individuals who were over 60 in China, Italy, and South Korea. South Korea's data suggest that younger individuals might be more susceptible to SARS-CoV-2 infection, which might be fully under detected in China and Italy.

[Recommendations for the treatment of severe coronavirus disease 2019 based on critical care ultrasound].

Severe patients with coronaviras disease 2019 (COVID-19) are characterized by persistent lung damage, causing respiratory failure, secondary circulatory changes and multiple organ dysfunction after virus invasion. Because of its dynamic, real-time, non-invasive, repeatable and other advantages, critical ultrasonography can be widely used in the diagnosis, assessment and guidance of treatment for severe patients. Based on the recommendations of critical care experts from all over the country who fight against the epidemic in Wuhan, this article summarizes the guidelines for the treatment of COVID-19 based on critical ultrasonography, hoping to provide help for the treatment of severe patients. The recommendations mainly cover the following aspects: (1) lung ultrasound in patients with COVID-19 is mainly manifested by thickened and irregular pleural lines, different types of B-lines, shred signs, and other consolidation like dynamic air bronchogram; (2) Echocardiography may show right heart dysfunction, diffuse cardiac function enhancement, stress cardiomyopathy, diffuse cardiac depression and other multiple abnormalities; (3) Critical ultrasonography helps with initiating early treatment in the suspect patient, screening confirmed patients after intensive care unit admission, early assessment of sudden critical events, rapid grading assessment and treatment based on it; (4) Critical ultrasonography helps to quickly screen for the etiology of respiratory failure in patients with COVID-19, make oxygen therapeutic strategy, guide the implementation of lung protective ventilation, graded management and precise off-ventilator; (5) Critical ultrasonography is helpful for assessing the circulatory status of patients with COVID-19, finding chronic cardiopulmonary diseases and guiding extracorporeal membrane oxygenation management; (6) Critical ultrasonography contributes to the management of organs besides based on cardiopulmonary oxygen transport; (7) Critical ultrasonography can help to improve the success of operation; (8) Critical ultrasonography can help to improve the safety and quality of nursing; (9) When performing critical ultrasonography for patients with COVID-19, it needs to implement three-level protection standard, pay attention to disinfect the machine and strictly obey the rules from nosocomial infection. (10) Telemedicine and artificial intelligence centered on critical ultrasonography may help to improve the efficiency of treatment for the patients with COVID-19. In the face of the global spread of the epidemic, all we can do is to share experience, build a defense line, We hope this recommendations can help COVID-19 patients therapy.