{"id":728,"date":"2021-06-15T07:14:51","date_gmt":"2021-06-15T07:14:51","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/news\/fdef-researchers-study-investor-behaviour-during-the-covid-19-crisis\/"},"modified":"2021-06-15T07:14:51","modified_gmt":"2021-06-15T07:14:51","slug":"fdef-researchers-study-investor-behaviour-during-the-covid-19-crisis","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/fdef-en\/news\/fdef-researchers-study-investor-behaviour-during-the-covid-19-crisis\/","title":{"rendered":"FDEF researchers study investor behaviour during the COVID-19 crisis"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>The COVID-19 pandemic has often been characterised as \u2018unprecedented\u2019 and \u2018once-in-a-lifetime\u2019 as if the rules governing its effects are just as exceptional. But is this also true for people\u2019s reaction to it?<\/p><p>Researchers <a href=\"https:\/\/wwwen.uni.lu\/recherche\/fdef\/df\/people\/thorsten_lehnert\" target=\"_self\" title=\"\" rel=\"noopener\">Thorsten Lehnert<\/a>, Professor of Finance at the Department of Finance of the University of Luxembourg, doctoral student Bilal Kchouri and master student Celina L\u00f6wen used comparisons of option market implied volatility in the equity and gold markets to gain insight into how investors reacted to the pandemic. Their paper, entitled \u201cIs this time really different? Flight-to-safety and the COVID-19 crisis,\u201d looks at investor behaviour and weighs it against typical or expected behaviour during times of financial crisis and economic downturn.<\/p><p>The researchers analysed whether risk-averse investors reallocate their investments to gold, a perceived \u2018safe haven\u2019 investment as a reaction to the COVID-19 crisis. This phenomenon, referred to as a \u2018flight-to-safety\u2019, has been observed during financial crisis events, such as the crash of 2008. However, the COVID-19 pandemic was a public health crisis and not a financial one. Therefore, it remained to be seen whether investor behaviour during this event was consistent with what is known to occur during periods of financial crisis.<\/p><p>By studying the interconnectedness of the gold, oil and equity markets, the researchers painted a picture of aggregate investor behaviour at crucial points in time, and using causality tests, were able to infer the causes of these behaviours. While the oil market was treated as a control, researchers determined that during the COVID-19 crisis period starting in March 2020, some of the market-wide risks reflected in the equity volatility also became risks for the gold market after a brief lag.\u00a0<\/p><p>The increase in volatility in both markets is associated with the selling of stocks and the buying up of gold. These findings allowed the researchers to confirm that the flight-to-safety effect during the COVID-19 crisis was indeed similar to what economists had observed during other periods of financial market instability.\u00a0<\/p><p>To demonstrate the causal relationship between equity and gold market volatility, the researchers adopted a novel approach which differed from the symmetric causality tests that are typically employed in the literature. Using an asymmetric causality test, the researchers were able to isolate and study only the important positive changes in volatility. This more precise and realistic statistical analysis enabled the researchers to confirm flight-to-safety effects, whereas the traditional symmetric causality test would have led them to the wrong conclusion.\u00a0<\/p><p>The paper is available <a href=\"https:\/\/journals.plos.org\/plosone\/article?id=10.1371\/journal.pone.0251752\" target=\"_self\" title=\"\" rel=\"noopener\">free to download<\/a> in the open access journal PLOS ONE.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic has often been characterised as \u2018unprecedented\u2019 and \u2018once-in-a-lifetime\u2019 as if the rules governing its effects are just as exceptional. But is this also true for people\u2019s reaction to it?<\/p>\n","protected":false},"author":0,"featured_media":729,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[],"news-topic":[],"organisation":[101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FDEF researchers study investor behaviour during the COVID-19 crisis - FDEF news I University of Luxembourg<\/title>\n<meta name=\"description\" content=\"The COVID-19 pandemic has often been characterised as \u2018unprecedented\u2019 and \u2018once-in-a-lifetime\u2019 as if the rules governing its effects are just as exceptional. 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