The quest for multidimensional financial immunity to the COVID-19 pandemic: Evidence from international stock markets

Journal of International Financial Markets, Institutions and Money · 2021 · PMC9759302

Europe PMC

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highly significantno p-value reported

Second, we include population density of each country as a risk factor responsible for the transmission of the coronavirus and third, air pollution; factors that are highly significant in the COVID-19 literature ( Benvenuto et al., 2020 , Sajadi et al., 2020 ).

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likely to be significantno p-value reported

When the number of covariates is ‘large’, some of them are likely to be significant ‘by chance’ and, subsequently, perform poorly out of sample.

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Quoted from the open-access full text in Europe PMC under the licence the publisher applied. The sentence is reproduced exactly as published; the emphasis is ours.