{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,19]],"date-time":"2026-02-19T12:09:59Z","timestamp":1771502999324,"version":"3.50.1"},"reference-count":73,"publisher":"MDPI AG","issue":"2","license":[{"start":{"date-parts":[[2023,6,12]],"date-time":"2023-06-12T00:00:00Z","timestamp":1686528000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JTAER"],"abstract":"<jats:p>This study analyzes the fear of COVID-19 effect on European stock market returns. For this purpose, the search volumes (SV) collected by Google Trends (GT) and Wikipedia were used as proxies of fear of COVID-19. In a sample from 13 European stock markets, fear of COVID-19 was found to be associated with negative European stock returns. Our research employed this observation to propose an algorithmic trading system based on fear of COVID-19. Back-testing results show the possibility of extraordinary returns based on this system. These findings have important implications for political authorities, the mass media, and investors.<\/jats:p>","DOI":"10.3390\/jtaer18020058","type":"journal-article","created":{"date-parts":[[2023,6,13]],"date-time":"2023-06-13T03:28:54Z","timestamp":1686626934000},"page":"1142-1156","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Fear of COVID-19 Effect on Stock Markets: A Proposal for an Algorithmic Trading System Based on Fear"],"prefix":"10.3390","volume":"18","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8918-582X","authenticated-orcid":false,"given":"Jessica","family":"Paule-Vianez","sequence":"first","affiliation":[{"name":"Business Economics Department, Rey Juan Carlos University, 28933 Madrid, Spain"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1411-9286","authenticated-orcid":false,"given":"Carmen","family":"Orden-Cruz","sequence":"additional","affiliation":[{"name":"Business Economics Department, Rey Juan Carlos University, 28933 Madrid, Spain"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3575-7970","authenticated-orcid":false,"given":"Ra\u00fal","family":"G\u00f3mez-Mart\u00ednez","sequence":"additional","affiliation":[{"name":"Business Economics Department, Rey Juan Carlos University, 28933 Madrid, Spain"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-9150-9467","authenticated-orcid":false,"given":"Sandra","family":"Escamilla-Solano","sequence":"additional","affiliation":[{"name":"Business Economics Department, Rey Juan Carlos University, 28933 Madrid, Spain"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2023,6,12]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Chang, C.L., McAleer, M., and Wong, W.K. 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