Pre- and post-COVID-19: The impact of the pandemic and stock market psychology on the growth and sustainability of consumer goods industries.

The objective of this study is to investigate the impact of the COVID-19 pandemic and stock market psychology on investor investment decisions in different business units operating in the Shandong stock market. The sample size of the study consists of 5,000 individuals from six different business units. The study used the event study statistical technique to analyze the market reaction to newly released information from the stock market perspective to assess whether the number of COVID-19 positive cases impacted it. With a Z score value of 40.345 and a P-value of 0.000, the Wilcoxon test indicated that stock prices before and after the pandemic were quite different. The test showed a positive relationship between the pandemic and the stock market. Further, the results indicated that COVID-19 and stock market psychology had a significant positive impact on investor investment decisions in cosmetic and beauty, consumer household, textiles and apparel, and consumer electronics industries; however, in the sporting and consumer appliance industries, it had an insignificant negative impact. This study serves to guide investors to make suitable changes in their stock market trading practices to counter these challenges to increase their required rate of return from their specific stock market investment. The findings have important insights for various stakeholders including governments, regulatory bodies, practitioners, academia, industry, and researchers.

Post-COVID-19 investor psychology and individual investment decision: A moderating role of information availability.

This study aims to investigate the influence of psychological biases on the investment decision of Chinese individual investors after the pandemic of COVID-19 with a moderating role of information availability. A cross-sectional method with a quantitative research approach was employed to investigate the hypothesized relationships among variables. The snowball sampling technique was applied to collect the data through a survey questionnaire from individual investors investing in the Chinese stock market. Smart-PLS statistical software was used to analyze the data and for the estimation of hypotheses. Results indicated that overconfidence, representative bias, and anchoring bias have a significant and positive influence on investment decisions during the post-Covid-19 pandemic; however, the availability bias has insignificant and negative effects on the investment decision during the post-COVID-19 pandemic. Moreover, findings indicated that information availability has a significant moderating role in the relationship of psychological biases with the investment decision during the post-COVID-19 pandemic. This study contributes to the body of knowledge regarding behavior finance, psychological biases, and investment decision in emerging stock markets. The findings of the present study improve the understanding that how investors' psychology affects their investment decisions.