Before revision: The outbreak of the novel coronavirus (COVID-19) is considered an exogenous risk, which has caused unprecedented disruptions to financial and economic markets around the globe, leading to one of the fastest U.S. stock market declines in history.
After revision: Markets are subjected to both endogenous and exogenous risks that have caused disruptions to financial and economic markets around the globe, leading to one of the fastest U.S. stock market declines in history.