Kapar, BurcuBuigut, StevenRana, Faisal2022-01-072022-01-07© 20212022-10Kapar, B., Buigut, S., & Rana, F. (2022). Global evidence on early effects of COVID-19 on stock markets. Review of Financial Economics, 40(4), 438-463. https://doi.org/10.1002/rfe.115610583300https://doi.org/10.1002/rfe.1156http://hdl.handle.net/20.500.12519/488We use event study approach to assess the effects of the early stages of COVID-19 on global markets. A large sample of stock markets (63) covering all key global markets and regions is included. The findings indicate that the Wuhan lockdown induces negative spillover effects on markets in Europe, North America, and other global markets that have yet to introduce domestic restrictions and have minimal infections at the time. Increasing cases outside China particularly in Europe and the introduction of containment measures result in severe market decline. Our findings highlight the need for quick, globally coordinated response to contagious diseases. © 2021 University of New Orleans.enLicense to reuse the abstract has been secured from John Wiley and Sons and Copyright Clearance Center.comparative analysisCOVID-19event studyspilloverstock marketsArticleCopyright : © 2021 University of New Orleans.