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Bubbles During Covid-19 Period: Evidence from the United States Using the Generalized Sub ADF Test
- Source :
- Holistica, Vol 12, Iss 1, Pp 49-56 (2021)
- Publication Year :
- 2021
- Publisher :
- Sciendo, 2021.
-
Abstract
- This study applies the generalized sub ADF (GSADF) tests to investigate whether bubbles exist in the United States markets over the period of 2015-2019, focusing on the COVID-19 period. We use daily Dow-Jones stock price indexes for the first time during the time period of 2015/1/7-2020/3/17. Empirical results demonstrate the existence of bubbles in the US stock market during some sub-sample time periods. Especially important, we find the third bubble begins from 2020/2/26 and grows gradually, not bursting until recently, a situation that is ongoing in the US market. Our results have important policy implications for investors who attempt to invest in the US stock market
- Subjects :
- dow-jones market index
safdf
gsadf test
bubble
Social sciences (General)
H1-99
Subjects
Details
- Language :
- English
- ISSN :
- 20679785
- Volume :
- 12
- Issue :
- 1
- Database :
- Directory of Open Access Journals
- Journal :
- Holistica
- Publication Type :
- Academic Journal
- Accession number :
- edsdoj.8378a43824244fdf9512f186f5240dfc
- Document Type :
- article
- Full Text :
- https://doi.org/10.2478/hjbpa-2021-0005