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Res Int Bus Finance ; 63: 101783, 2022 Dec.
Article in English | MEDLINE | ID: covidwho-2061825


Investigating public sentiment regarding tax policy during the COVID-19 pandemic could be useful for understanding the experiences across societies. Using Linguistic Inquiry and Word Count to investigate and quantitatively measure the pandemic's effect-from January 25 to April 9, 2020-on the sentiment regarding possible tax policies throughout the world, thereby determining that, overall, taxation sentiment is reduced as the number of confirmed COVID-19 cases grows. Further investigation reveals that, as COVID-19 spreads, the sentiment for raising taxes decreases and that for reducing taxes increases, and this effect is mitigated by countries' democracy. We further find that news sentiment in unofficial media and in countries with low social trust is more significantly affected by COVID-19. Robustness tests performed using different subsamples of developed and developing countries and different pandemic circumstances validate our findings. This research has crucial implications for policy evaluation and development.

J Bank Financ ; 133: 106299, 2021 Dec.
Article in English | MEDLINE | ID: covidwho-1364193


Using 1,584 listed banks from 64 countries during the COVID-19 pandemic, we conduct the first broad-based international study of the effect of the pandemic on bank systemic risk. We find the pandemic has increased systemic risk across countries. The effect operates through government policy response and bank default risk channels. Additional analysis suggests that the adverse effect on systemic stability is more pronounced for large, highly leveraged, riskier, high loan-to-asset, undercapitalized, and low network centrality banks. However, this effect is moderated by formal bank regulation (e.g., deposit insurance), ownership structure (e.g., foreign and government ownership), and informal institutions (e.g., culture and trust).

Research in International Business and Finance ; : 101432, 2021.
Article in Chinese | ScienceDirect | ID: covidwho-1253552


This study quantitatively measures the Chinese stock market’s reaction to sentiments regarding the Novel Coronavirus 2019 (COVID-19). Using 6.3 million items of textual data extracted from the official news media and Sina Weibo blogsite, we develop two COVID-19 sentiment indices that capture the moods related to COVID-19. Our sentiment indices are real-time and forward-looking indices in the stock market. We discover that stock returns and turnover rates were positively predicted by the COVID-19 sentiments during the period from December 17, 2019 to March 13, 2020. Consistent with this prediction, margin trading and short-selling activities intensified proactively with growth sentiment. Overall, these results illustrate how the effects of the pandemic crisis were amplified by the sentiments.