Have a personal or library account? Click to login
Market Reactions to Government Support Packages During the Pandemic in North Macedonia Cover

Market Reactions to Government Support Packages During the Pandemic in North Macedonia

Open Access
|Apr 2023

References

  1. Acharya, V. V., & Steffen, S. (2020). The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID. The Review of Corporate Finance Studies, 9(3), 430–471. https://doi.org/10.1093/rcfs/cfaa013
  2. Alam, Md. M., Wei, H., & Wahid, A. N. M. (2021). COVID-19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Australian Economic Papers, 60(3), 482–495. https://doi.org/10.1111/1467-8454.12215
  3. Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash. The Review of Corporate Finance Studies, 9(3), 593–621. https://doi.org/10.1093/rcfs/cfaa011
  4. Alfaro, L., Chari, A., Greenland, A. N., & Schott, P. K. (2020). Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time (Working Paper No. 26950). National Bureau of Economic Research. https://doi.org/10.3386/w26950
  5. Ashraf, B. N. (2020). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 100371. https://doi.org/10.1016/j.jbef.2020.100371
  6. Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., & Viratyosin, T. (2020). The Unprecedented Stock Market Reaction to COVID-19. The Review of Asset Pricing Studies, 10(4), 742–758. https://doi.org/10.1093/rapstu/raaa008
  7. Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
  8. Davis, S. J., Hansen, S., & Seminario-Amez, C. (2020). Firm-Level Risk Exposures and Stock Returns in the Wake of COVID-19 (Working Paper No. 27867). National Bureau of Economic Research. https://doi.org/10.3386/w27867
  9. Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802–830. https://doi.org/10.1016/j.jfineco.2021.03.005
  10. Dyckman, T., Philbrick, D., & Stephan, J. (1984). A Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach. Journal of Accounting Research, 22, 1–30. JSTOR. https://doi.org/10.2307/2490855
  11. Fahlenbrach, R., Rageth, K., & Stulz, R. M. (2021). How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis. The Review of Financial Studies, 34(11), 5474–5521. https://doi.org/10.1093/rfs/hhaa134
  12. Finance Think. (2020). Macroeconomic monitor 9(2). Finance Think. Available only in Macedonian. MMonitor_Q22020.pdf (financethink.mk)
  13. Georgieva Svrtinov, V., Miteva-Kacarski, E., & Paceskoski, V. (2021). Banking sector performance during the COVID-19 crisis in the Republic of North Macedonia. Journal of Economics, Special Issue, 221–230.
  14. Heyden, K. J., & Heyden, T. (2021). Market reactions to the arrival and containment of COVID-19: An event study. Finance Research Letters, 38, 101745. https://doi.org/10.1016/j.frl.2020.101745
  15. Jolevski, F., & Madzarevic-Sujster, S. (2022). COVID-19- A Struggling Recovery for the Private Sector in North Macedonia [Brief]. World Bank. https://openknowledge.worldbank.org/handle/10986/37746
  16. Klose, J., & Tillmann, P. (2021). COVID-19 and Financial Markets: A Panel Analysis for European Countries. Jahrbücher Für Nationalökonomie Und Statistik, 241(3), 297–347. https://doi.org/10.1515/jbnst-2020-0063
  17. Kolari, J. W., & Pynnonen, S. (2011). Nonparametric rank tests for event studies. Journal of Empirical Finance, 18(5), 953–971. https://doi.org/10.1016/j.jempfin.2011.08.003
  18. Konstantinovic & Milosevski (2020). The second package of economic measures is enacted to tackle the COVID-19 crisis. Konstantinovic & Milosevski. April 1. https://konstantinovic-milosevski.mk/2020/04/01/the-second-package-of-economic-measures-is-enacted-to-tackle-the-covid-19-crisis/
  19. Pacicco, F., Vena, L., & Venegoni, A. (2018). Event study estimations using Stata: The estudy command. Stata Journal, 18(2), 461–476.
  20. Petrushevska, D. (2020a). N. Macedonia unveils new stimulus package to spur coronavirus-hit economy. See News. May 18. https://seenews.com/news/n-macedonia-unveils-new-stimulus-package-to-spur-coronavirus-hit-economy-699160
  21. Petrushevska, D. (2020b). N. Macedonia unveils 470 mln euro support package in response to COVID-19. See News. September 28. https://seenews.com/news/n-macedonia-unveils-470-mln-euro-support-package-in-response-to-covid-19-715107
  22. Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to COVID-19*. The Review of Corporate Finance Studies, 9(3), 622–655. https://doi.org/10.1093/rcfs/cfaa012
  23. Sloboden Pecat. (2020). Government with a package of measures due to the coronavirus: Each company will be able to get a loan of 3 to 30.000 euros. Sloboden Pecat. March 18. https://www.slobodenpecat.mk/en/vladata-so-paket-merki-poradikoronavirusot-sekoja-kompanija-ke-mozhe-da-dobie-od-3-do-30-000-evra-kredit/
  24. Srbinoski B., Poposki K., Dencic-Mihajlov K. and Pavlovic M. (2021). The Economics of the Name Change: Long-term Adjustments towards EU/NATO or Short-term Resolution of Political Uncertainty? Organizations and Markets in Emerging Economies, 12(1), 86-105. https://doi.org/10.15388/omee.2021.12.49
  25. Srbinoski, B., Petreski, B., & Petreski, M. (2022). The covid-19 impact on exports in North Macedonia—Firm-level analysis. Economic Research-Ekonomska Istraživanja, 1–28. https://doi.org/10.1080/1331677X.2022.2063918
  26. Stojkoski, V., Jolakoski, P., & Ivanovski, I. (2021). The short-run impact of COVID-19 on the activity in the insurance industry in the Republic of North Macedonia. Risk Management and Insurance Review, 24(3), 221–242. https://doi.org/10.1111/rmir.12187
  27. Yang, H., & Deng, P. (2021). The Impact of COVID-19 and Government Intervention on Stock Markets of OECD Countries. Asian Economics Letters, 1(4). https://doi.org/10.46557/001c.18646
DOI: https://doi.org/10.2478/ethemes-2022-0023 | Journal eISSN: 2217-3668 | Journal ISSN: 0353-8648
Language: English
Page range: 429 - 440
Submitted on: Oct 10, 2022
Accepted on: Dec 30, 2022
Published on: Apr 5, 2023
Published by: University of Niš, Faculty of Economics
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year

© 2023 Bojan Srbinoski, Stevco Meceski, Irina Joldeska, published by University of Niš, Faculty of Economics
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.