We examine the effect of national culture on the vulnerability of banks to common shocks, which has not been explored previously, by analyzing the stock market volatility of major European Banks during the Covid-19 pandemic. Focusing on differences in uncertainty avoidance and individualism...

Recent literature reports stock markets around the world reacted to the COVID-19 pandemic with negative returns. However, this reaction was not uniform across countries. In this paper, we postulate that the national-level uncertainty avoidance, which determines how sensitive members of a nation...

This report in the field of behavioral finance explores the effect of national culture factors and firm specific factors on the stock prices of publicly traded firms in the 36 countries in the emerging markets. Using linear regression, we tested 13 variables (three of them were Hofstede’s...