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DO FOREIGN INVESTMENT FLOW AND OVERCONFIDENCE INFLUENCE STOCK PRICE MOVEMENT? A COMPARATIVE ANALYSIS BEFORE AND AFTER THE COVID-19 LOCKDOWN
Abstract: This study examined whether foreign investment flow and overconfidence can influence stock price movement among the publicly listed companies in Nigeria. Subsequently, this study determined whether there was any significant difference in the influence of foreign investment flow and overconfidence on stock price movement before and after the COVID-19 lockdown in Nigeria. This study focused on the manufacturing companies listed on the Nigerian Stock Exchange for the 2020 period of which the data were taken in a period of 10 days before and 10 days after the implementation of the COVID-19 lockdown in Nigeria. Using content analysis on secondary data, this study showed that there was a significant difference between the stock prices before and after the COVID-19 lockdown. However, this study showed that foreign investment flow and overconfidence were not the main factors influencing stock price movement before and after the lockdown. The findings indicate that there are other factors that contribute to stock price movement in Nigeria. This study contributes to the existing literature on whether foreign investment flow and overconfidence influence stock price movement in a pandemic world.
Keywords: foreign investment flow; overconfidence; stock price movement; COVID-19; lockdown; Nigeria