Regarding prior studies on investigating the economic impacts of COVID-19 outbreak, first, for the cross-country studies, Ashraf [24] finds the growth in the number of country-level confirmed cases of COVID-19 has a negative effect on stock markets based on the 64 countries over the period 22 January to 17 April 2020. In addition, Engelhardt et al. [7] confirm that news attention of COVID-19 associate with the stock markets’ decline. Also, Zhang et al. [4] show that the COVID-19 pandemic leads to an increase in global financial market risks based on the cross-country evidence. Moreover, Liu et al. conduct an event study method and find that stock markets affected by COVID-19 fell quickly after the COVID-19 outbreak. Second, for the single country studies, based on the statistical figure from India, Singh and Neog [25] illustrate that the COVID-19 outbreak leads to an economic contraction in terms of macro-economy, tourism, transportation, stock market, human capital, and trade. Al-Awadhi et al. [3] use Chinese data and find that daily new confirmed COVID-19 cases and deaths negatively affect stock returns. Based on the U.S. daily data Sharif et al. [26] show that COVID-19 leads to oil price volatility shock, economic policy uncertainty, and stock market volatility. Using U.K. data from 2 January to 20 May 2020, Griffith et al. [5] show the impact of COVID-19 on share prices differs from industries.