• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Managing Editor: Ms. Inez. Chan

    • Abstracting/ Indexing:  Crossref, CNKI, EBSCO

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HOME > Archive > 2022 > Volume 13 Number 3 (Jun. 2022) >
IJTEF 2022 Vol.13(3): 56-60 ISSN: 2010-023X
DOI: 10.18178/ijtef.2022.13.3.724

An Analysis of Coronavirus Effects on Global Automakers

Akane Murakami and Yukari Shirota

Abstract—In the paper, we report changes of stock prices due to the coronavirus spread which happened in 2020, using the machine learning approach based on the hierarchical clustering. The data we used are the top 72 global automobile manufactures' stock prices from 2019 November to 2020 March which were under the coronavirus’s first impact. The involved countries are Germany, Japan, US, China, and Korea. One clear result is that the turmoil gave distinctively different effects on the individual country of automakers. We could identify five different clusters of stock price movements, that are country-based clusters. While we traced the time series changes of the clusters, we found the interesting thing. The country-based clusters had the different movement, but when the turmoil started, it became the same movement and the overall correlation coefficient became positive. In addition, we found that at the beginning of the turmoil, most clearly the country-based clusters appeared. This result is expected to give some insights to the issue of international linkages between the movements of the markets’ prices by the coronavirus turmoil.

Index Terms—Coronavirus, hierarchical clustering, automakers, stock prices, Hierarchical Rick Parity.

The authors are with Gakushuin Univerity, Japan (e-mail: murakami.akane.1031@gmail.com, yukari.shirota@gakushuin.ac.jp).

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Cite: Akane Murakami and Yukari Shirota, "An Analysis of Coronavirus Effects on Global Automakers," International Journal of Trade, Economics and Finance vol.13, no.3, pp. 56-60, 2022.

Copyright © 2022 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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