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All Journal Jurnal Manajemen dan Kewirausahaan
Gabriela Elvina Dwiastuti Siahaan
Satya Wacana Christian University, Salatiga, Indonesia
Economics, Econometrics & Finance

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BOND AS A SAFE HAVEN DURING MARKET CRASH: EXAMINATION OF COVID-19 PANDEMIC IN ASEAN-5 Gabriela Elvina Dwiastuti Siahaan; Robiyanto Robiyanto
Jurnal Manajemen dan Kewirausahaan Vol. 23 No. 1 (2021): MARCH 2021
Publisher : Management Study Program, Faculty of Business and Economics, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (520.364 KB) | DOI: 10.9744/jmk.23.1.1-9

Abstract

The central aim of this paper is to examine the effectiveness of corporate bonds and government bonds against the stock price fluctuation in ASEAN-5 countries (Indonesia, Malaysia, Philippines, Thailand and Singapore). Highlighting an important event of COVID-19, we investigate whether bonds provide protection by utilizing Q-REG method. The noteworthy finding is that bonds consistently act as a hedge for Malaysia and Philippines, while regarded as a diversifier for Indonesia’s capital market. However, this study observed that corporate bonds successfully become a strong safe haven for Thailand and Singapore capital market. Similar result was also found for Singapore government bonds which provides a valuable return during the pandemic of COVID-19.
Co-Authors Robiyanto Robiyanto Robiyanto