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首页> 外文期刊>European Journal of Management and Business Economics >On the relation between the crude oil market and pandemic Covid-19
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On the relation between the crude oil market and pandemic Covid-19

机译：论原油市场与大流行科科德 - 19的关系

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Purpose The crude oil market has experienced an unprecedented overreaction in the first half of the pandemic year 2020. This study aims to show the performance of the global crude oil market amid Covid-19 and spillover relations with other asset classes. Design/methodology/approach The authors employ various pandemic outbreak indicators to show the overreaction of the crude oil market due to Covid-19 infection. The analysis also presents market connectedness and spillover relations between the crude oil market and other asset classes. Findings One of the essential findings the authors report is that the crude oil market remains more responsive to pandemic fake news. The shock of the global pandemic panic index and pandemic sentiment index appears to be more promising. It has also been noticed that the energy trader's sentiment (OVX and OIV) was measured at a too high level within the Covid-19 outbreak. Volatility spillover analysis shows that crude oil and other market are closely connected, and the total connectedness index directs on average 35% contribution from spillover. During the initial growth of the infection, other macroeconomic and political events remained to favor the market. The second phase amidst the pandemic outbreak harms the global crude oil market. The authors find that infectious diseases increase investor panic and anxiety. Practical implications The crude oil investors' sentiment index OVX indicates fear and panic due to infectious diseases and lack of hedge funds to protect energy investments. The unparalleled overreaction of the investors gauged in OVX indicates market participants have paid an excessive put option (protection) premium over the contagious outbreak of the infectious disease. Originality/value The empirical model and result reported amid Covid-19 are novel in terms of employing a news-based index of the pandemic, which are based on the content analysis and text search using natural processing language with the aid of computer algorithms.
机译：目的，原油市场在大流行年初的前半部分经历了前所未有的过度反应。本研究旨在表现出Covid-19和与其他资产课程的溢出关系溢出的关系展示了全球原油市场的表现。设计/方法/方法提交人采用各种大流行爆发指标，以表明由于Covid-19感染原油市场的过度反应。分析还提出了原油市场和其他资产课程之间的市场关联和溢出关系。调查结果提交人报告的重要结果是，原油市场对大流行假新闻仍然更加敏感。全球流行恐慌指数和大流行情绪指数的震惊似乎更有希望。它还被注意到，能量交易者的情绪（OVX和OIV）在Covid-19爆发中的过高水平测量。波动性溢出分析表明，原油和其他市场密切联系，总关联指数平均溢出35％的贡献。在感染的初步增长期间，其他宏观经济和政治事件仍然有利于市场。大流行爆发中的第二阶段危害全球原油市场。作者发现传染病增加了投资者的恐慌和焦虑。实际意义原油投资者的情绪指数OVX表示由于传染病和缺乏对冲基金来保护能源投资的恐惧和恐慌。在OVX中的投资者无与伦比的过度反应表明市场参与者在传染病的传染性爆发中支付了过度的选择（保护）溢价。原创性/价值在Covid-19中报告的经验/结果是在采用基于新闻的大流行指数的新颖之中，这是基于内容分析和借助计算机算法的文本搜索。

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