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新冠疫情的反应
Dealing with structural breaks is an important step in most, if not all, empirical economic research. This is particularly true in panel data comprised of many cross-sectional units, such as individuals, firms or countries, which are all affected by major events. The COVID-19 pandemic has affected most sectors of the global economy, and there is by now plenty of evidence to support this. The impact on stock markets is, however, still unclear. The fact that most markets seem…