Re-pricing risk in the digital economy: A multi-wave analysis of technology-sector volatility during COVID-19

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F75081431%3A_____%2F26%3A00002954" target="_blank" >RIV/75081431:_____/26:00002954 - isvavai.cz</a>

Result on the web

<a href="https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/23685/IMFI_2026_01_Pollak.pdf" target="_blank" >https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/23685/IMFI_2026_01_Pollak.pdf</a>

DOI - Digital Object Identifier

—

Result language

angličtina

Original language name

Re-pricing risk in the digital economy: A multi-wave analysis of technology-sector volatility during COVID-19

Original language description

The COVID-19 pandemic profoundly reshaped global financial markets, amplifying volatility and redefining risk perception across innovation-driven sectors. This study assesses how the COVID-19 pandemic altered volatility dynamics in the technology sector by quantifying wave-by-wave risk-return behavior using descriptive statistics, including standard deviation, coefficient of variation, and kurtosis. The analysis is based on daily stock prices and returns for the technology sector from March 8, 2019, to December 12, 2022, covering the pre-pandemic period, five pandemic waves, and a post-pandemic stabilization phase. The results reveal that market volatility surged during the first pandemic wave as digital adoption accelerated and investors sought technological assets as temporary safe havens. Subsequent waves showed alternating phases of speculative trading and market corrections, reflecting evolving investor sentiment and macroeconomic uncertainty. The coefficient of variation increased sharply during the height of the crisis, demonstrating that risk consistently exceeded returns, while kurtosis analysis indicated a higher frequency of extreme price movements compared with pre-pandemic conditions. Although volatility gradually declined during the post-pandemic period, it remained notably above pre-2020 levels, signaling a persistent re-pricing of sectoral risk. These findings confirm that the technology sector, while resilient, experienced structural changes in its volatility regime and investor behavior, with lasting implications for market stability and portfolio management in the digital economy.

Czech name

—

Czech description

—

Type

J_SC - Article in a specialist periodical, which is included in the SCOPUS database

CEP classification

—

OECD FORD branch

50200 - Economics and Business

Project

—

Continuities

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Publication year

2026

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

BUSINESS PERSPECTIVES

ISSN

1810-4967

e-ISSN

—

Volume of the periodical

23

Issue of the periodical within the volume

1

Country of publishing house

UA - UKRAINE

Number of pages

16

Pages from-to

124-139

UT code for WoS article

—

EID of the result in the Scopus database

2-s2.0-105030886938