| dc.description.abstract | This paper is objected to investigate on the Japanese investor behavior during
the outbreak of Covid – 19 pandemics. Covid – 19 Fear Index construction is applied with
search volume data from Google Trends and weekly stock returns from the most three
popular indices of Tokyo Stock Exchange market (TSE).
After the data analysis, our findings indicate that the uncertainties of investors
play an important role in shaping market trends. There is a negative correlation between
the Search Volume Index and stock market returns which is consistent with previous
studies. In order to estimate exactly the relation, we conducted the OLS Regression
Analysis to evaluate the coefficient points. Also, we investigate macroeconomic control
variables to make the general conclusion and avoid random variables. At the end, we made
a conclusion that investor sentiment is one of the main factors that can make enormous
impacts on market returns. Investor sentiment was affected by the fear of Covid – 19 and
increasing uncertainties about future. However, the changes in weekly new Covid – 19
cases do not play the main role in making impacts on Covid – 19 Fear and hence the stock
returns, while investors are more affected by government measures and national policies
which are expresses as detail below papers. | en_US |
