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. However, in the pastwe have seen the market recover and we can expect the market to recover again, and on this basis we assume the Standard and Poor's 500 (S  P500) index will reach a minimum before rising again in the not-too-distant future.
After 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 the past, markets have recovered after any economic disruption. On this basis, we focus on the outbreak of COVID-19 as a case study of an exogenous risk and analyze its impact on the Standard and Poor's 500 (S P500) index will reach a minimum before rising again in the not-too-distant future.