Structural Breaks in Interactive Effects Panels and the Stock Market Reaction to COVID-19
交互效应面板中的结构突变与股市对 COVID-19 的反应
Dealing with structural breaks is an essential step in most empirical economic research. This is particularly true in panel data comprised of many cross-sectional units, which are all affected by major events. The COVID-19 pandemic has affected most sectors of the global economy; however, its impact on stock markets is still unclear. Most markets seem to have recovered while the pandemic is ongoing, suggesting that the relationship between stock returns and COVID-19 has been…