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Abnormal Return merupakan salah satu indikasi bahwa adanya asimetri informasi di dalam pasar modal. Ada berbagai informasi yang dapat menyebabkan terjadinya abnormal return salah satunya adalah pengumuman Covid-19 sebagai pandemi dunia dan sampainya vaksinasi Covid-19. Penelitian ini meneliti dampak dari pengumuman tersebut terhadap sektor consumer goods. Sektor ini merupakan sektor defensif, dimana dalam keadaan krisis ekonomi sektor consumer goods tetap memiliki profitabilitas yang stabil. Penelitian ini dilakukan dengan basis event study untuk melihat perbedaan return sebelum dan sesudah pengumuman Covid-19 dan vaksinasi Covid-19. Sampel yang digunakan dalam penelitian ini ada 5 perusahaan dengan kapitalisasi terbesar di sektor consumer goods. Hasil dari penelitian terhadap 3 variabel operasional yaitu CAR (cumulative abnormal return), CMAR (Cummulative market adjusted return), dan Difference terhadap 5 perusahaan ini mengindikasikan bahwa adanya abnormal return positif setelah event pengumuman Covid-19 dan adanya abnormal return negatif setelah event pengumuman vaksinasi Covid-19. Hal ini menandakan adanya asimetri informasi di pasar modal seputar pengumuman pandemic dan vaksinasi Covid-19.

This chapter investigates the global crisis's impact on the safe-haven role of the two most significant cryptocurrencies based on their market capitalizations: Bitcoin and Ethereum. This study compares the volatility transmission between the Bitcoin and stock markets in four emerging countries: Indonesia, Malaysia, Nigeria, and South Africa. This study follows the framework of volatility transmission of Diebold and Yilmas. This research also investigates the safe-haven role of cryptocurrencies using the safe-haven regression analysis and decoupling hypothesis. Overall results support the notion of cryptocurrencies as alternative investments. On average, the pairwise volatility spillover between Bitcoin and stock market in Indonesia, Malaysia, Nigeria, and South Africa reverted back to half of its mean in about 2-3 days. This result suggests on the choice of short-term investment for investors in the Bitcoin market. This study contributes to the discussion of cryptocurrencies as safe haven.

Electric vehicle, as one of the low carbon footprints, has transformed a wide range of energy and public sectors. Utilizing the WHO Covid-19 pandemic statement, we search for the optimal portfolio from the top seven Electric Vehicle (EV) enterprises in ASEAN. Using the MonteCarlo simulation of optimal risky assets portfolio, we find that before and during the pandemic, the optimal portfolio weights differ significantly. Before (during) the pandemic, the investment weight of optimal portfolio consists of Toyota Motor Corporation 49.83% (42.99%), Star 8 Corporation 23.20% (9.73%), Hyundai Motor Corporation 20.81% (10.63%), BMW.DE 2.79% (32.08%), Honda Motor Company 2.56% (0.64%), Mitsubishi Motor Corporation 0.68% (0.09%), and Nissan Motor Co. 0.14% (3.84%). The Sharpe Ratio shows how during the pandemic, the portfolio of EV stocks give more excessive return compare to their risks, from 93.55% to 250.62%. These findings support the notion of how EV stocks are investible, especially during the Covid-19 pandemic.