Abstract
In this study, the Minimum spanning tree (MST) method was applied to daily price data of KOSDAQ stocks to conduct a structural analysis of changes in each graph and degree based on before and after COVID-19 occurred and at the start of each pandemic. As a result, it was confirmed that the minimum height tree graph and order change were the greatest before and after the outbreak of COVID-19 and at the beginning of the first and second pandemic, and stock market stabilized as of the start of the third pandemic as COVID-19 entered a prolonged period. These results confirmed that the change in the correlation between stocks increased at a time when social turmoil was the biggest, and that the stock market gradually stabilized at some point when the situation caused by social confusion entered a prolonged period.
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