Bubbles During Covid-19 Period: Evidence from the United States Using the Generalized Sub ADF Test

  • Chang T
  • Hsu C
  • Wang M
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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

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APA

Chang, T., Hsu, C.-M., & Wang, M.-C. (2021). Bubbles During Covid-19 Period: Evidence from the United States Using the Generalized Sub ADF Test. HOLISTICA – Journal of Business and Public Administration, 12(1), 49–56. https://doi.org/10.2478/hjbpa-2021-0005

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