Abstract
This study examines the effect of the COVID-19 outbreak on the energy stock market. Based on a sample of Chinese energy stocks, we find that COVID-19 has a negative effect on energy stock prices. In particular, the negative pandemic sentiment from newspaper articles leads to a decline in energy stock prices. We further find that the energy stock market has a linkage to the overall Chinese stock market. Finally, though COVID-19 has had a negative effect on the overall Chinese stock market, the effect is not significant.
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