Efficient market and the COVID-19 pandemic: Case of ASEAN-5

Authors

DOI:

https://doi.org/10.58784/cfabr.7

Keywords:

returns, random walk, ASEAN-5, Covid-19

Abstract

The issue of Covid-19 has a negative impact, especially on the capital markets of ASEAN-5 countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines). This study aims to examine the movement of market returns in ASEAN-5 countries at the start of the Covid-19 pandemic. The data used are daily market indices for the period 2020 to 2021. The findings show that market indices for all ASEAN-5 countries move unstable throughout 2020. In 2021, efficient market conditions under the assumption of a weak form only occur in Singapore where the trend of the index of the market becomes more predictable. Empirical evidence also shows that the interrelationship between market indices in ASEAN-5 countries is varied.

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Published

2023-02-16

How to Cite

Pontoh, W., & Budiarso, N. S. (2023). Efficient market and the COVID-19 pandemic: Case of ASEAN-5. The Contrarian : Finance, Accounting, and Business Research, 1(1), 23–29. https://doi.org/10.58784/cfabr.7

Issue

Vol. 1 No. 1 (2022)

Section

Articles

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Copyright (c) 2023 Winston Pontoh, Novi Swandari Budiarso

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