Table 1.
Sample information This table reports the countries used in this study and the main stock market index used for each country. Panel a. Emerging markets as classified by MSCI and Panel b. Developed markets as classified by MSCI. Indices data is sourced from the Refinitiv Datastream database.
| No | Country | Stock Index | No | Country | Stock Index |
|---|---|---|---|---|---|
| Panel a. Emerging Markets | Panel b. Developed Markets | ||||
| 1 | Argentina | S&P Merval | 1 | Australia | S&P_ASX 200 |
| 2 | Brazil | BOVESPA | 2 | Austria | ATX |
| 3 | Chile | S&P_CLX IGPA CLP | 3 | Belgium | BEL 20 |
| 4 | China* | Shanghai Composite | 4 | Canada | S&P_TSX |
| 5 | Colombia | COLCAP | 5 | Denmark | OMX Copenhagen 20 |
| 6 | Czech Republic | PX | 6 | France | CAC 40 |
| 7 | Egypt | Egypt Hermes Financial | 7 | Germany | DAX30 |
| 8 | Greece | Athex Composite | 8 | Israel | TA125 |
| 9 | Hungary | Budapest SE | 9 | Italy | FTSE MIB |
| 10 | India | NIFTY 500 | 10 | Japan | Nikkei 225 |
| 11 | Indonesia | IDX Composite | 11 | Netherlands | AEX |
| 12 | Malaysia | FTSE KLCI | 12 | Portugal | PSI |
| 13 | Mexico | S&P_BMV IPC | 13 | Switzerland | SMI |
| 14 | Pakistan | Karachi 100 | 14 | United Kingdom | FTSE 100 |
| 15 | Peru | S&P_BVL General | 15 | United States | S&P 500 |
| 16 | Philippines | PSEi Composite | |||
| 17 | Poland | WIG 30 | |||
| 18 | Qatar | QE General | |||
| 19 | Russia | MOEX | |||
| 20 | Saudi Arabia | Tadawul All Share | |||
| 21 | South Africa | FTSE_JSE All Share | |||
| 22 | South Korea | KOSPI Composite | |||
| 23 | Turkey | BIST 100 | |||
| 24 | United Arab Emirates | ADX General | |||
*Although the study uses data starting from Jan 22, 2020 (John Hopkins COVID-19 reported data starting date), COVID-19 cases and Stringency Government Response index for China starts well before that date.