Loading [MathJax]/jax/output/SVG/jax.js
Research article Special Issues

Impact of the novel coronavirus on stock market returns: evidence from GCC countries

  • Received: 28 July 2020 Accepted: 24 September 2020 Published: 27 September 2020
  • JEL Codes: G10, C33, I15

  • The novel coronavirus (COVID-19) is not only an unprecedented human and health crisis,but it is expected to become one of the most economically costly pandemics in recent history. Latest financial reports indicate that the COVID-19 outbreak is severely disrupting the global economy and financial markets. Many equity markets around the world have endured heavy declines since the pandemic's outbreak. To provide an understanding of the effects of the novel coronavirus pandemic on stock markets,we investigate in this paper the impact of the COVID-19 confirmed cases and deaths on the daily returns of the major stock market indices in the Gulf Cooperation Council (GCC) countries over the period from April 1,2020 to June 26,2020. Using a panel data regression analysis,we find that stock markets in the GCC countries responded negatively and with a great degree to new and total COVID-19 confirmed deaths,while response to the number of COVID-19 confirmed cases is not significant. Therefore,during the COVID-19 outbreak daily returns of the major stock market indices in the GCC countries declined as the number of confirmed deaths increased. Further analysis suggests that GCC stock markets are impacted positively by the crude oil price (WTI) and negatively by the variation of the implied volatility in the global oil market and the global stock markets.

    Citation: Raéf Bahrini, Assaf Filfilan. Impact of the novel coronavirus on stock market returns: evidence from GCC countries[J]. Quantitative Finance and Economics, 2020, 4(4): 640-652. doi: 10.3934/QFE.2020029

    Related Papers:

    [1] Zhuonan Wu, Zengtai Gong . Algebraic structure of some complex intuitionistic fuzzy subgroups and their homomorphism. AIMS Mathematics, 2025, 10(2): 4067-4091. doi: 10.3934/math.2025189
    [2] Doaa Al-Sharoa . (α1, 2, β1, 2)-complex intuitionistic fuzzy subgroups and its algebraic structure. AIMS Mathematics, 2023, 8(4): 8082-8116. doi: 10.3934/math.2023409
    [3] Muhammad Jawad, Niat Nigar, Sarka Hoskova-Mayerova, Bijan Davvaz, Muhammad Haris Mateen . Fundamental theorems of group isomorphism under the framework of complex intuitionistic fuzzy set. AIMS Mathematics, 2025, 10(1): 1900-1920. doi: 10.3934/math.2025088
    [4] Aneeza Imtiaz, Hanan Alolaiyan, Umer Shuaib, Abdul Razaq, Jia-Bao Liu . Applications of conjunctive complex fuzzy subgroups to Sylow theory. AIMS Mathematics, 2024, 9(1): 38-54. doi: 10.3934/math.2024003
    [5] Aneeza Imtiaz, Umer Shuaib . On conjunctive complex fuzzification of Lagrange's theorem of ξ−CFSG. AIMS Mathematics, 2023, 8(8): 18881-18897. doi: 10.3934/math.2023961
    [6] Adeel Farooq, Musawwar Hussain, Muhammad Yousaf, Ahmad N. Al-Kenani . A new algorithm to compute fuzzy subgroups of a finite group. AIMS Mathematics, 2023, 8(9): 20802-20814. doi: 10.3934/math.20231060
    [7] Wen Li, Deyi Li, Yuqiang Feng, Du Zou . Existence and stability of fuzzy Pareto-Nash equilibria for fuzzy constrained multi-objective games with fuzzy payoffs. AIMS Mathematics, 2023, 8(7): 15907-15931. doi: 10.3934/math.2023812
    [8] Supriya Bhunia, Ganesh Ghorai, Qin Xin . On the fuzzification of Lagrange's theorem in $ (\alpha, \beta) $-Pythagorean fuzzy environment. AIMS Mathematics, 2021, 6(9): 9290-9308. doi: 10.3934/math.2021540
    [9] Supriya Bhunia, Ganesh Ghorai, Qin Xin . On the characterization of Pythagorean fuzzy subgroups. AIMS Mathematics, 2021, 6(1): 962-978. doi: 10.3934/math.2021058
    [10] Tareq M. Al-shami, Salem Saleh, Alaa M. Abd El-latif, Abdelwaheb Mhemdi . Novel categories of spaces in the frame of fuzzy soft topologies. AIMS Mathematics, 2024, 9(3): 6305-6320. doi: 10.3934/math.2024307
  • The novel coronavirus (COVID-19) is not only an unprecedented human and health crisis,but it is expected to become one of the most economically costly pandemics in recent history. Latest financial reports indicate that the COVID-19 outbreak is severely disrupting the global economy and financial markets. Many equity markets around the world have endured heavy declines since the pandemic's outbreak. To provide an understanding of the effects of the novel coronavirus pandemic on stock markets,we investigate in this paper the impact of the COVID-19 confirmed cases and deaths on the daily returns of the major stock market indices in the Gulf Cooperation Council (GCC) countries over the period from April 1,2020 to June 26,2020. Using a panel data regression analysis,we find that stock markets in the GCC countries responded negatively and with a great degree to new and total COVID-19 confirmed deaths,while response to the number of COVID-19 confirmed cases is not significant. Therefore,during the COVID-19 outbreak daily returns of the major stock market indices in the GCC countries declined as the number of confirmed deaths increased. Further analysis suggests that GCC stock markets are impacted positively by the crude oil price (WTI) and negatively by the variation of the implied volatility in the global oil market and the global stock markets.


    Numerous applications of algebraic theory can be found not only in theoretic and practical mathematics such as game theory, algebraic geometry, etc. but also in other scientific disciplines like physics, genetics, and engineering. Group theory is a fundamental branch of algebra that investigates the properties and structures of various groups. It plays a central role in various areas of mathematics, such as physics, chemistry, and computer science, including cryptography, algebraic geometry, algebraic number theory, harmonic analysis, etc.[1,2,3,4,5,6,7]. Life is filled with unpredictability, which is impossible to avoid. This universe is also not built on accurate measurements or suppositions. Sometimes, the classical mathematical framework of probability is unable to handle every situation. The novel idea of fuzzy sets introduced by Zadeh [8], is briefly explained by the uncertainty, vagueness, and ambiguity of data. A wide range of academics from other disciplines have used this idea because it was so inspirational. By taking fuzzy sets and logic into consideration, a number of novel theories are developed in parallel with traditional approaches. In 1970, Rosenfeld [9] proposed the fuzzy concepts into group theory, and classified the outcomes as fuzzy subgroup. The discussion of the fuzzy subgroups, fuzzy quotient groups, and fuzzy normal subgroups are also done in this research work. Ray [10] pioneered the idea of cartesian product of a the fuzzy subgroups. In 1986, Atanassov [11] published his first article on intuitionistic fuzzy (IF) sets, which is an extension of fuzzy sets, and introduced certain operations, like subtraction, addition, composition union, and intersection under the influence of the intuitionistic fuzzy set. Biswas introducced the IF subgroup with basic findings [12], and Sharma investigated some fundamental results of the IF subgroup. Also, IF homomorphism is under the influence of group theory [13,14].

    Gulzar et al.[15] established a new category of t-IF-subgroups. The explanation of the t-IF centralizer, normalizer, and t-intuitionistic Abelian subgroups are also discussed. Intuitionistic fuzzy set techniques have acquired importance over fuzzy set techniques in recent years throughout a number of technical fields. The distance measurements approach is used in a variety of applications of IF sets. Researcher have used IF sets in a variety of situations in clinical diagnosis, medical application, etc. It plays a very important role in engineering issues, professional selection, real-life issues, and education. In 2001, Supriya et al. [16,17,18] studied the Sanchez's approach for medical diagnosis and extended this theory with the notion of the IF set theory.

    Biswas [19] presented the principle of anti-fuzzy subgroups and initiated the fundamental algebraic structures. The fundamental results of anti-fuzzy subgroup are discussed and the relationships between complements of fuzzy subgroup and anti-fuzzy subgroup are also addressed [20]. In 2013, Azam et al.[21] introduced a few basic operations and structures of anti-fuzzy ideals of ring. Gang [22] introduced the factor rings and investigated some results. In 1999, Kim and Jun [23] developed the novel idea of anti fuzzy R-subgroups of near rings, and Kim et al.[24] initiated the anti-fuzzy ideals in near rings, discussed basic algebraic properties, and established the relation between the near rings and anti-fuzzy sets. Sharma [25] developed the definition of α-anti fuzzy subgroup and explored the fundamental algebraic structure of the α-anti-fuzzy subgroup. In addition, the techniques of the α-anti-fuzzy normal subgroups and quotient group of α-anti-fuzzy cosets are also explained. In 2022, Razaq [26] introduced the concept of Pythagorean fuzzy normal subgroups, Pythagorean fuzzy isomorphism, and developed the basic characteristics of Pythagorean fuzzy normal subgroups and proved the fascinating results of Pythagorean fuzzy isomorphism. Moreover, they looked at the concept of Pythagorean fuzzy ideas and investigated some results [27]. Xiao et. al [28] presented the q-ROFDM model with new score function, and the best-worst methods for manufacturer selection also discussed the fuzzy criteria weights, and several comparisons are conducted to illustrate the developed model.

    Sharma [29] applied the fundamental properties of group theory to the (α,β)-anti fuzzy set and introduced the (α,β)-anti-fuzzy subgroup, which is an extension of the (α,β)-anti fuzzy set. They also, demonstrated the basics of the result of the (α,β)-anti-fuzzy subgroup and certain features of this ideology are discussed. Moreover, they investigated the homomorphic images and pre-images of certain group. Wan et al. [30] presented the method for interactive and complementary feature selection via fuzzy multigranularity uncertainty measures and compared them with the benchmark approaches on several datasets.

    Further, changes in the process (periodicity) of the data overlap with uncertainty in our daily lives and ambiguity in the data. Due to the insufficiency of current hypotheses that provide explanations for the information, data is lost during the process. Ramot et al. [31,32] initiated a complex fuzzy set (CFS) to deal with the problem by extending the range of the membership function from real numbers to complex numbers with the unit disc. Because the CFS considers only the degree of membership than the non-membering part of data entities, which also play an equal role in the decision-making process for evaluating the system, it only gives weight to the degree of membership. However, it is frequently difficult to describe membership degree estimation by a fuzzy set's accurate value in the real world. This may reflect using two-dimensional information than one in these circumstances, when it may be simpler to reflect the vagueness and ambiguity that exist in the real world. Given that uncertainties are uneasy to be evaluated in the complex problem of decision-making, an expansion of the existing theories may therefore be very helpful for explaining uncertainties. To address this, Alkouri and Salleh [33,34] examined the fundamental features of complex intuitionistic fuzzy sets and extended the definition of CFSs to consist of complex degrees of non-membership functions.

    Furthermore, Gulzar et al. [35] introduced the idea of Q-complex fuzzy subrings and covered some of their basic algebraic features. Additionally, the examine the homomorphic image and invert image of Q-complex fuzzy subrings, and enlarge this concept to develop the concept of the direct product of two Q-complex fuzzy subrings. Hanan et al. [36] started the abstraction of (α,β)-CFSs and defined (α,β)-complex fuzzy subgroups (CFSG). After that, they established that each CFSG is a (α,β)-CFSG and defined (α,β)-complex fuzzy normal subgroups of a given group. This concept is expanded to define (α,β)-complex fuzzy cosets, and some of their algebraic properties are examined.

    The following are the motivation of this novel work.

    1) Biswas [19] presented the principle of anti-fuzzy subgroups and initiated the fundamental algebraic structures. Sharma [25] developed the definition of α-anti fuzzy subgroup and explored the fundamental algebraic structure of α-anti-fuzzy subgroup. Sharma [29] applied the fundamental properties of group theory to the (α,β)-anti fuzzy set and introduced (α,β)-anti-fuzzy subgroup, which is an extension of the (α,β)-anti fuzzy set.

    2) Ramot et al. [31,32] initiated a CFS to deal with the problem by extending the range of the membership function from real numbers to complex numbers with the unit disc. Because the CFS considers only the degree of membership than the non-membering part of data entities, which also play an equal role in the decision-making process for evaluating the system, it gives weight only to the degree of membership.

    3) The proppsed method is (ϵ,δ)-CAFSG. is a generalized form of CAFSG. The motivation for the recommended concept is expressed as follows: (1) To communicate a general concept such as the (ϵ,δ)-CAFSG; (2) For ϵ=1 and δ=2π, the idea that we propose can be convert into a classical CAFS. As a effective generalization of fuzzy subgroups, the (ϵ,δ)-CAFSGs are the subject of this article investigation.

    1) To propose the concept of (ϵ,δ)-CAFSs, examine the (ϵ,δ)-CAFSG in the context of CAFSs and prove that every complex fuzzy subgroup is a (ϵ,δ)-CAFSG.

    2) To define (ϵ,δ)-CAF cosets and (ϵ,δ)-CAFNSGss of a certain group, as well as to investigate some algebraic properties under the (ϵ,δ)-CAFSG. We elaborate the (ϵ,δ)-CAFSG of the classical quotient group.

    3) To demonstrate the index of (ϵ,δ)-CAFSG and (ϵ,δ)-complex anti-fuzzification of the Lagrange theorem corresponding to the Lagrange theorem of classical group theory.

    This paper is organized as follows: Section 1 introduces the fundamental concepts of complex anti fuzzy sets, complex anti fuzzy subgroups, and related features. In Section 2, we construct (ϵ,δ)-CAFS and (ϵ,δ)-CAFSG as generalizations of CAFSG. We show that any complex anti fuzzy subgroup is also a (ϵ,δ)-CAFSG, and examined some of the essential aspects of these newly define CAFSGs. In Section 3, the (ϵ,δ)-CAF cosets and (ϵ,δ)-CAFNSGss are describe and various algebraic properties of these particular groups are investigate. Furthermore, we discuss (ϵ,δ)-complex anti fuzzy quotient groups (CAFQG) and establish the quotient group with regard to (ϵ,δ)-CAF cosets. The indices of the (ϵ,δ)-CAFSG is define and the (ϵ,δ)-complex anti fuzzification of Lagrange's theorem is develop.

    We start by analyzing the fundamental idea of CAFSs and CAFSGs, both are essential for study.

    Definition 2.1. [8] If H is universal set and x is an arbitrary element of H then an anti-fuzzy set φ is define as φ={(x,λ),xH}, where λ is a non membership function and λ[0,1].

    Definition 2.2. [37] A CFS S of a universe set H, characterized by the degree of membership θS(l)=νS(l)eiηS(l) and is defined as θS:l{lH:|l|1},H is complex plain. Whose range is not limited to [01] but extens to unit circle in complex plane, where i=1,νS(l) and ηS(l) are both real valued including νS(l)[0,1] and ηS(l)[0,2π]. As for purpose of simplicity, we will employ νS(l)eiηS(l) membership function for complex fuzzy set S.

    Definition 2.3. [11] Assume that S={(l, ρS(l)): lH} be a anti fuzzy subset where H is a universal set. Now the set

    Sπ={(l,ϑSπ(l)):ϑSπ(l)=2πρS(l),lG}

    is called π-anti fuzzy subset.

    Definition 2.4. [11] A π-anti fuzzy set Sπ of group G is known as π-anti fuzzy subgroup of G if the following conditions are satisfied

    (ⅰ) Sπ(lm)max{Sπ(l),Sπ(m)}, l,m  G,

    (ⅱ) Sπ(l1)Sπ(l), l,m G.

    Definition 2.5 [11] Assume S={(l,νS(l)eiηS(l)):lG}  and T={(l,νT(l)eiηT(l)):lG} are both CAFSs of G. Then

    (ⅰ) A CAFS S is homogeneous CAFS, if l,mG, we have νS(l)νS(m) if and only if ηS(l)ηS(m).

    (ⅱ) A CAFS A is homogeneous complex anti fuzzy set with B, if p,qG, we have νA(p)νB(p) if and only if ηA(p)ηB(p).

    Definition 2.6. [35] Let S={(l,νS(l)eiηS(l)):lG}  and T={(l,νT(l)eiηT(l)):lG}  be a CAF subsets of set G. Then intersection and union of S and T is examined as:

    (ⅰ) (ST)(l)=νST(l)eiηST(l)=max{νS(l)eiηS(l),νS(l)eiηS(l)},  lL.

    (ⅱ) (ST)(l)=νST(l)eiηST(l)=min{νS(l)eiηS(l),νS(l)eiηS(l)},  lL.

    Definition 2.7. [11] Let S be aCAFS of group G. Then S is know as CAFSG of group G, if the following criteria are fulfilled.

    (ⅰ) νS(lm)eiηS(lm)max{ νS(l)eiηS(l), νS(m)eiηS(q)} ,

    (ⅱ) νS(l1)eiηS(l1)νS(l)eiηS(l) for all l,mG.

    Definition 2.8. [11] A complex anti fuzzy set S of group G is said to be CAFNSG of group G, if: νS(lm)eiηS(lm)=νS(ml)eiηS(ml), for all l,mG.

    Definition 2.9. [25] Let S be a anti fuzzy subset of a group G. Then anti fuzzy set Sϵ of G is known as ϵ-anti fuzzy subset of G, where ϵ[0,1] and define as Sϵ(p)=max{S(p),1ϵ} for all pG.

    Some results:

    (ⅰ) (ⅰ) Let S and T be two anti fuzzy subsets of X. Then

    (ST)ϵ=SϵTϵ.

    (ⅱ) (ⅱ) Suppose g : LM be a mapping and S and T be two anti fuzzy subsets of L and M sequentially, then

    (a) g1(Tϵ)=(g1(T))ϵ,

    (b) g(T)ϵ=(g(T))ϵ.

    Definition 2.10. [38] Suppose Sϵ and Sδ respectively indicate, the ϵ- fuzzy set and δ-anti fuzzy set of L, where L is universal set. Then the anti fuzzy set S(ϵ,δ) is define by

    S(ϵ,δ)(u) = min{u,(Sϵ)c(u),Sδ(u)}uL and is called S(ϵ,δ)-anti fuzzy set of L due respect the fuzzy set S, where ϵ,δ[0,1] such that ϵ+δ1.

    Remark 2.11.

    (ⅰ) S(0,1)(u) = min{(S1)c(u),S0(u)} = min{Sc(u),1}=1,

    (ⅱ) S(0,1)(u) = min{(S0)c(u),S1(u)} = min{1,Sc(u)}=1.

    Now this section introduces the (ϵ,δ)-CAFS and (ϵ,δ)-CAFSGs methodology. We establish that any complex fuzzy subgroup is also a (ϵ,δ)-CAFSG but the converse does not hold and we explore certain fundamentals categorization of this phenomena.

    Definition 3.1. Let S={(l,μS(l)eiηS(l)):lG} be CAFS of group G, for any ϵ[0,1] and δ[0,2π], such that μS(l)ϵ and ηS(l)δ or (νS(l)ϵ and ηS(l)δ). Then, the set S(ϵ,δ) is called (ϵ,δ)-CAFSt and defined as: νSϵ(l)eiηSδ(l)=max{νS(l)eiηSδ(l), ϵeiδ} =max{νS(l), ϵ}eimax{ηS(l), δ} , where νSϵ(l)=max{νS(l),ϵ} and ηSδ(l)=max{ηS(l),δ}.

    Throughout manuscript, we will focused on the non-membership function of (ϵ,δ)-CAFSs S(ϵ,δ) and T(ϵ,δ) such as νSϵ(l)eiηSδ(l) and νTϵ(l)eiηTδ(l), respectively.

    Definition 3.2. Let S(ϵ,δ) and T(ϵ,δ) be a two (ϵ,δ)-CAFSs of G. Then

    (ⅰ) A (ϵ,δ)-CAFS S(ϵ,δ) is homogeneous (ϵ,δ)-CAFS, for all l,mG, we have νSϵ(l)νSϵ(m) if and only if ηSδ(l)ηSδ(m).

    (ⅱ) A (ϵ,δ)-CAFS S(ϵ,δ) is homogeneous (ϵ,δ)-CAFS with T(ϵ,δ), for all l,mG, such that νSϵ(l)νTϵ(l) if and only if ηSδ(l)ηTδ(l).

    In this research article, we use (ϵ,δ)-CAFS as homogeneous (ϵ,δ)-complex anti fuzzy set.

    Remark 3.3. By taking the values of ϵ=1 and δ=2π in the given definition, we obtain the classical CAFS S.

    Remark 3.4. Let S(ϵ,δ) and T(ϵ,δ) be two (ϵ,δ)-CAFSs of group G. Then (SM)(ϵ,δ)=S(ϵ,δ)T(ϵ,δ).

    Definition 3.5. Let S(ϵ,δ) be an (ϵ,δ)-CAFS of group G for ϵ[0,1] and δ[0,2π]. Then S(ϵ,δ) is known as (ϵ,δ)-CAFSG of group G, if it satisfy the following conditions:

    (ⅰ) νSϵ(lq)eiηSδ(lq)max{ νSϵ(l)eiηSδ(l), νSϵ(q)eiηSδ(q)} ,

    (ⅱ) νSϵ(l1)eiηSδ(l1)νSϵ(l)eiηSδ(l) for all l,mG.

    Theorem 3.6. If S(ϵ,δ) is an (ϵ,δ)-CAFSG of group G, for all l,mG. Then

    (i) νSϵ(l)eiηSδ(l)νSϵ(e)eiηSδ(e),

    (ii) νSϵ(lm1)eiηSδ(lm1)=νSϵ(e)eiηSδ(e).

    It suggests that νSϵ(l)eiηSδ(l)=νSϵ(m)eiηSδ(m).

    The proof of this theorem is straightforward.

    Now, in this theorem we show that CAFNSG is a spacial case of (ϵ,δ)- CAFNSG.

    Theorem 3.7. Every CAFSG of the group G is also a (ϵ,δ)-CAFSG of G.

    Proof. Assume that S be CAFSG of group G, for every l,mG. Suppose that

    νSϵ(lm)eiϵSδ(lm)=max{νS(lm)eiϵS(lm), ϵeiδ}
    max{max{νS(l)eiϵS(l), νS(m)eiϵS(m)} , ϵeiδ} =max{max{νS(l)eiϵS(l),ϵeiδ} ,max{νS(m)eiϵS(m), ϵeiδ} }=max{νSϵ(l)eiϵSδ(l),νSϵ(m)eiϵSδ(m)} .

    Further, we assume that

    νSϵ(l1)eiϵSδ(l1)=max{ νS(l1)eiϵS(l1),ϵeiδ } max{ νS(l)eiϵS(l),ϵeiδ } =νSϵ(l)eiϵSδ(l).

    This established the proof.

    Remark 3.8. If S(ϵ,δ)-CAFSG then it is not essential S is CAFSG.

    Example 3.9. The Klein four group is referred by G={e,l,m,lm}. It can be written as S= {<e, 0.2eiπ12>,<l,0.4eiπ6>,<m,0.4eiπ6>, <lm, 0.3eiπ7>} is not CAFSG of G. Take ϵ=0.2 and δ=π6. Then, it's simple to see νS(l)eiηS(l)>ϵeiδ, for all lG. Moreover, we have νSϵ(l)eiηSδ(l)= ϵeiδ,  lG. Therefore, νSϵ(lm)eiηSδ(lm)max{νSϵ(l)eiηSδ(l), νSϵ(m)eiηSδ(m)}, l,mG. Furthermore, l1=l, m1=m, (lm)1=lm. So, νSϵ(l1)eiηSδ(l1) νSϵ(l)eiηSδ(l). Hence, S(ϵ,δ) is (ϵ,δ)-CAFSG.

    Theorem 3.10. Let S be a complex anti fuzzy set of group G such that νS(l1)eiϵS(l1)=νS(l)eiϵS(l), lG. Let ϵeiδreiθ such that ϵr and δθ, where reiθ=max{νS(l)eiϵS(l):lG} and ϵ,r[0,1] and δ,θ[0,2π]. Then S(ϵ,δ) is an (ϵ,δ)-CAFSG of G.

    Proof. Note that ϵeiδreiθ. Implies that max{νS(l)eiϵS(l) :lG} ϵeiδ. This indicates max{νS(l)eiϵS(l),ϵeiδ}= ϵeiδ, for all lG. Implies that νSϵ(l)eiϵSδ(l)=ϵeiδ.

    νSϵ(lm)eiϵSδ(lm)max{νSϵ(l)eiϵSδ(l),νSϵ(m)eiϵSδ(m)}.Moreover,νS(l1)eiϵS(l1)=νS(l)eiϵS(l), lG.Implies that,νSϵ(l1)eiϵSδ(l1)=νSϵ(l)eiϵSδ(l).

    Hence, S(ϵ,δ) is (ϵ,δ)-CAFSG of G.

    Theorem 3.11. Intersection of two (ϵ,δ)-CAFSGs of G is also (ϵ,δ)-CAFSG of G.

    Proof. Let S(ϵ,δ) and T(ϵ,δ) be two (ϵ,δ)-CAFSGs of G, for any l,mG.

    Consider,

    ν(ST)ϵ(lm)eϵ(ST)δ(lm)=ν(SϵTϵ)(lm)eiϵSδTδ(lm)

    =max{νSϵ(lm)eiϵSδ(lm), νTϵ(lm)eiϵTδ(lm)}max{max{νSϵ(l)eiϵSδ(l), νSϵ(m)eiϵSδ(m)} ,max{νTϵ(l )eiϵTδ(l) νTϵ(m)eiϵTδ(m)} .}=max{max{νSϵ(l)eiϵSδ(l),νTϵ(l)eiϵTδ(l)} ,max{νSϵ(m)eiϵTδ(m),νTϵ(m)eiϵTδ(m)}.}=max{ν(SϵTδ)(l)eiϵ(SδTδ)(l), ν(SϵTδ)(m)eiϵ(SδTδ)(m)} =max{ν(ST)ϵ(l)eiϵ(ST)δ(l),ν(ST)ϵ(m)eiϵ(ST)δ(m)} .

    Further,

    ν(ST)ϵ(l1)eϵ(ST)δ(l1)=νSϵTϵ(l1)eiϵ(SδTδ)(l1)

    =max{νSϵ(l1)eiϵSδ(l1), νTϵ(l1)eiϵTδ(l1)}max{νSϵ(l)eiϵSδ(l), νTϵ(l)eiϵTδ(l)}=ν(ST)ϵ(l)eϵ(ST)δ(l).

    Consequently, S(ϵ,δ)T(ϵ,δ) is (ϵ,δ)-CAFSG of G.

    Corollary 3.12. Intersection of a family of (ϵ,δ)-CAFSGs of G is also (ϵ,δ)-CAFSG.

    Remark 3.13. Union of two (ϵ,δ)-CAFSGs may not be a (ϵ,δ)-complex anti fuzzy subgroup.

    Example 3.14. Assume that a symmetric group S4 with permutation of four elements{(1),(2 3),(2 3 4),(2 4 3),(3 4),(2 4), (1 2),(1 2 4),(1 2 3),(1 2 3 4),(1 2)(3 4),(1 2 4), (1 3 2),(1 3 4 2),(1 3),(1 3 4),(1 3 2 4), (1 3)(2 4),(1 4 3 2),(1 4 2),(1 4 3), (1 4),(1 4 2 3),(1 4)(2 3)}. Define two (ϵ,δ)-CAFSGs S(0.9,π/2) and T(0.6,π/2) of S4 for value ϵeiδ=0.9eπ are delivered as:

    S(0.9,π/2)(l)={0.8eπ/4,  if l∈<(1 3)>0.7eπ/6,  otherwise          and

    T(0.9,π/2)(l)={0.9eπ/2,  if l∈<(1 3 2 4)>0.6eπ/7,  otherwise              

    indicates that (S(0.9,π/2)T(0.9,π/2))(l)={0.8eπ/4,  if l<(1 3 2 4)><(1 3)>                         0.7eπ/6,  if l∈<(1 3 2 4)>e                    0.6eπ/7,  if l∈<(1 3)>e                                       

    Take l=(1 2)(3 4), m=(1 3) and lm=(1 2 3 4). Moreover, (S(0.9,π/2)T(0.9,π/2))(l)=0.7eπ/6. (S(0.9,π/2)T(0.9,π/2))(l)=0.6eπ/7 and (S(0.9,π/2)T(0.9,π/2))(lm)=0.6eπ/7.

    We can clearly observe that (S(0.9,π/2)T(0.9,π/2))(lm)max{(S(0.9,π/2)Tt(0.9,π/2))(l),(S(0.9,π/2)T(0.9,π/2))(m)}. So, this establishes the assertion.

    The algebraic features of (ϵ,δ)-CAFNSGs are explore in this section. We investigate (ϵ,δ)-CAF cosets of (ϵ,δ)-CAFSGs and create a quotient framework that focuses on these CAFNSGs. The (ϵ,δ)-CAFSG of the classical quotient group is also discussed and several key characteristics of these CAFNSGs are illustrated.

    Definition 4.1. Suppose that S(ϵ,δ) be an (ϵ,δ)-CAFSG of group G, as ϵ[0,1] and η[0,2π]. Then (ϵ,δ)-CAFS lS(ϵ,δ)(w)={(w,νlSϵ(w)eiηlSη(w)), wG} of G is known as a(ϵ,δ)-CAF left coset of G examine by S(ϵ,δ) and is define as:

    νlSϵ(w)eiηlSη(w)=νSϵ(l1w)eiηSη(l1w)=max{νS(l1w)eiηS(l1w),ϵeiδ},w,lG.

    In same way we explain (ϵ,δ)-CAF right coset S(ϵ,δ)w={(w,νSϵl(w)eiηSδl(w)), wG} of of G determine by S(ϵ,δ) and l also define as :  νSϵl(w)eiηSδl(w)=νSϵ(wl1)eiηSδ(wl1)=max{νS(wl1)eiηS(wl1), ϵeiδ} , for all w lG.

    The next given example demonstrates the concept of (ϵ,δ)-CAF cosets of S(ϵ,δ).

    Example 4.2. Take G={(1),(1 3),(1 2)(3 4),(2 4),(1 4)(2 3),

    (1 4 3 2),(1 3)(2 4),(1 2 3 4)} a symmetric group with 8 elements represent (ϵ,δ)-CAFSG of G only when ϵ=0.4 and δ=π/6 as follows: S(0.4,π/6)(w)

    ={0.9eπifw{(1 3)(2 4),(1)}0.8eπ/3,ifw{(1 2)(3 4),(1 4)(2 3)},0.7eπ/5,ifw{(2 4),(1 3),(1 2 3 4),(1 4 3 2)}

    From the definition of cosets we have

    νlS(0.4,π/6)(w)eηlS(0.4,π/6)(w)=νS(0.4,π/6)(l1w)eηS(0.4,π/6)(l1w).

    Thus, (0.4,π/6)-CAF left coset of S(0.4,π/6)(w) in G for l=(2 4) as seen below: lS(0.4,π/6)(w)

    ={0.9eπifw{(1 3)(2 4),(1)}0.8eπ/3,ifw{(1 4)(2 3),(1 2)(3 4)}0.6eπ/5,ifw{(2 4),(1 4 3 2),(1 3),(1 2 3 4)}.

    In same way, (0.4,π/6)-CF right coset of S(0.4,π/6)(w) is find, for every lG.

    Definition 4.3. Let S(ϵ,δ) be an (ϵ,δ)-CAFSG of group G, where ϵ[0,1] and δ[0,2π].Therefore S(ϵ,δ) is known as (ϵ,δ)-CAFNSG of G if S(ϵ,δ)(lm)=S(ϵ,δ)(ml). Equivalently, (ϵ,δ)-CAFSG S(ϵ,δ) is (ϵ,δ)-CAFNSG of group G if: S(ϵ,δ)l(m)=lS(ϵ,δ)(m), for all l, mG.

    Note that each (1,2π)-CAFNSG is a classical CAFNSG of G.

    Remark 4.4. Let S(ϵ,δ) be an (ϵ,δ)-CAFNSG of the group G. Then S(ϵ,δ)(m1lm)=S(ϵ,δ)(l), for all l,mG.

    Theorem 4.5. If S is CAFNSG of group G. Then S(ϵ,δ) is (ϵ,δ)- CAFNSG of G.

    Proof. Assume that w,l arbitrary of elements of G. Consequently, we have νS(l1w)eiηS(l1w)=νS(xl1)eiηS(wl1), This implies that, {νS(l1w)eiηS(l1w),ϵeiδ}=max{νS(wl1)eiηS(wl1),ϵeiδ}

    we obtain, νlSϵ(w)eiηlSδ(w)=νSϵl(w)eiηSδl(w). we get lS(ϵ,δ)(w)=S(ϵ,δ)l(w). Consequently, S(ϵ,δ) is (ϵ,δ)-CAFNSG of G. In most circumstances, the converse of the following outcome is not valid. This fact is discuss in given bellow example.

    Example 4.6. Suppose G=D3 =<l,m: l3=m2=e, ml=l2m> be the Dihedral group. Suppose that S be a complex anti fuzzy set of G and described as:

    S={0.5eπ/4ifw∈<m>,0.3eπ/8ifw∉<m>.

    Note that S is not a complex anti fuzzy normal subgroup of group G. For νS(l2(lm))eiηS(l2(lm))=   0.5e π/4 0.3eπ/8=νS((lm)l2)eiηS((lm)l2). Now we take ϵeiδ=0.6eiπ/3, we get νlS0.6(w)eiηwSπ/3=max{νS(l1w)eiηS(l1w),0.6eiπ/3}=0.6eiπ3 = max{νS(wl1)eiηS(wl1),0.6eiπ/3} =νS0.6l(w)eiηSπ/3(w).

    Next, we show that each (ϵ,δ)- CAFSG of group G will be (ϵ,δ)- CAFNSG of group G, include some particular values of ϵ and δ. The following outcomes are illustrate in this direction.

    Theorem 4.7. Let S(ϵ,δ) be (ϵ,δ)-CAFSG of group G as a result ϵeiδ>reiθ , ϵr and δθ, where reiθ=max{µS(w)eiηS(w), wG } and r, ϵ[0,1] and δ,θ[0,2π]. So S(ϵ,δ) be (ϵ,δ)CAFNSG of the group G.

    Proof. Given that ϵeiδreiθ . This implies max{νS(w)eiηS(w): for all wG} ϵeiδ. This shows νS(w)eiηS(w)ϵeiδ,  for all wG. So, νlSϵ(w)eiηlSδ(w)=max{νS(l1w)eiηS(l1w), ϵeiδ} =ϵeiδ, for any wG. Similarly, νSϵl(w)eiηSδl(w)=max{νS(wl1)eiηS(wl1), ϵeiδ} =ϵeiδ. Implies that νlSϵ(w)eiηlSδ(w)=νSϵl(w)eiηSδl(w). Hence, it proved the result.

    Theorem 4.8. Let S(ϵ,δ) be (ϵ,δ)- CAFNSG of group G. Then the set Se(ϵ,δ)={wG:S(ϵ,δ)(w1)=S(ϵ,δ)(e)} is normal subgroup of group G.

    Proof. Obviously Se(ϵ,δ)η because eG. Let w,vSe(ϵ,δ) be any elements. Consider, νSϵ(wv)eiηSδ(wv)max{νSϵ(w)eiηSδ(w),νSϵ(v)eiηSδ(v) }  =max{νSϵ(e)eiηSδ(e),νSϵ(e)eiηSδ(e)} . Implies that νSϵ(wv)eiηSδ(wv)νSϵ(e)eiηSδ(e). However, νSϵ(wv)eiηSδ(wv)νSϵ(e)eiηSδ(e). Therefore, νSϵ(wv)eiηSδ(wv)= νSϵ(e)eiηSδ(e). It implies that S(ϵ,δ)(w1)=S(ϵ,δ)(e). It implies that wvSe(ϵ,δ). Further, νSϵ(v1)eiηSδ(v1)νSϵ(v)eiηSδ(v)=νSϵ(e)eiηSδ(e). But νSϵ(w)eiηSδ(w)νSϵ(e)eiηSδ(e). Thus Se(ϵ,δ) is subgroup of group G. Moreover, let wSe(ϵ,δ)and G. We have νS(ϵ,δ)(v1wv)eiηS(ϵ,δ)(v1wv)=νS(ϵ,δ)(w)eiηS(ϵ,δ)(w). It implies that y1wvSe(ϵ,δ). Hence, Se(ϵ,δ) is a normal subgroup.

    Theorem 4.9. Assume that S(ϵ,δ) be an (ϵ,δ)- CAFNSG of group G. Then

    (i) lS(ϵ,δ)=mS(ϵ,δ)     if and only if  l1mSe(ϵ,δ),

    (ii) S(ϵ,δ)l =S(ϵ,δ) m    if and only if  lm1 Se(ϵ,δ).

    Proof. For any l,mG, we have lS(ϵ,δ)=mS(ϵ,δ). Assume that,

    νSϵ(l1m)eiηSδ(l1m)=max{νS(l1m)eiηS(l1m),ϵeiδ} 

    =max{νlS(m)eiηlS(m),ϵeiδ} =νlSϵ(m)eiηlSδ(m)=νmSϵ(m)eiηmSδ(m)=max{νS(m1m)eiηδ(m1m),ϵeiδ}=max{νS(e)eiηS(e),ϵeiδ}= νSϵ(e)eiηSδ(e).

    Therefore, l 1mSe(ϵ,δ).

    Conversely, let l1mSe(ϵ,δ) then νSϵ(l1m)eiηSδ(l1m)=νSϵ(e)eiηSδ(e).

    Consider

    νlSϵ(a)eiηlSδ(a)=max{νS(l1a)eiηS(l1a),ϵeiδ} 

    =νSϵ(l1a)eiηS(l1a)=νSϵ(l1m)(m1a)eiηSδ(l1m)(m1a)max{νSϵ(l1m)eiηSδ(l1m),νSϵ(m1a)eiηSδ(m1a)} =max{νSϵ(e)eiηSδ(e),νSϵ(m1a)eiηSδ(m1a)}=νSϵ(m1a)eiηSδ(m1a)=νmSϵ(a)eiηmSδ(a).

    Interchange the role of l and we get

    νmSϵ(a)eiηmSδ(a)νlSϵ(a)eiηlSδ(a). Thus, νlSϵ(a)eiηlSδ(a)=νmSϵ(a)eiηmSδ(a).

    (ⅱ) In similar way, this can be present as part (ⅰ).

    Theorem 4.10. Let S(ϵ,δ) be an (ϵ,δ)-CAFNSG of group G and l,m,a,b arbitrary elements of G. If lS(ϵ,δ)=aS(ϵ,δ) and mS(ϵ,δ)=bS(ϵ,δ), then lmS(ϵ,δ)=abS(ϵ,δ).

    Proof. Given that lS(ϵ,δ)=aS(ϵ,δ) and mS(ϵ,δ)=bS(ϵ,δ). Implies that  l1a,m1b  Se(ϵ,δ).

    Consider, (lm)1(ab)=m1(l1a)b=m1(l1a)(lm1)b=[m1(l1a)(m)](m1b). As Se(ϵ,δ) is normal subgroup of G. Thus, (lm)1(ab)Se(ϵ,δ). Similarly, lmS(ϵ,δ)=abS(ϵ,δ). As a result of this, we can say that (ϵ,δ)-CAFQG along to classical quotient group.

    Theorem 4.11. Assume that G/S(ϵ,δ)={lS(ϵ,δ):lG} be the collection of all (ϵ,δ)-CF cosets of (ϵ,δ)-CAFNSG S(ϵ,δ) of G. Consequently, the set action of the binary operator is well define G/S(ϵ,δ) and is present as lS(ϵ,δ)mS(ϵ,δ)=lmS(ϵ,δ) for all  l, mG.

    Proof. We have lS(ϵ,δ)=mS(ϵ,δ) and aS(ϵ,δ)=bS(ϵ,δ), for arbitrary ab, l, mG. Assume that gG be arbitrary element, so

    [lS(ϵ,δ)aS(ϵ,δ)] (g)=(laS(ϵ,δ)(g))=νlaSϵ(g)eiηlaSδ(g).

    Consider,

    νlaSϵ(g)eiηlaSδ(g)=max{νlaS(g)eiηlaS(g),ϵeiδ} 

    =max{νS((la)1g)eiηS((la)1g), ϵeiδ}=max{νS(a1(l1g))eiηS(a1(l1g)), ϵeiδ} =νaSϵ(l1g)eiηaSδ(l1g)=νbSϵ(l1g)eiηbSδ(l1g)=max{νS(b1(l1g))eIηS(b1(l1g)),ϵeiδ} =max{νS(l1(gb1)),ϵeiδ} =νlSϵ(gb1)eiηlSδ(gb1)=νlSϵ(gb1)eiηmSδ(gb1)=max{νS(m1(gb1))eiηS(m1(gb1)),ϵeiδ} =max{νS(m1g)b1eiηS(m1g)b1,ϵeiδ} =max{νS(b1m1(g))eIηS(b1m1(g)),ϵeiδ} =max{νS((mb)1(g))eIηS((mb)1(g)),ϵeiδ} =νqbSϵ(g)eiηqbSδ(g).

    Hence, the operation on G/S(ϵ,δ) is well defined. It can be observed that operation is a closed and associative on set G/S(ϵ,δ). Moreover,

    νSϵeiηSδ *νlSϵeiηlSδ  = νeSϵeiηeSδ * νlSϵeiηlSδ =νlSϵeiηlSδ =νlSϵeiηlSδ  νSϵeiηS  is neutral element of G/S(ϵ,δ). Obviously, the inverse of every entity of G/S(ϵ,δ)  exist if νlSϵeiηlSδ G/S(ϵ,δ), so there is a element, νl1Sϵeiηl1Sδ G/S(ϵ,δ) such thatνl1pSϵeiηl1lSδ =νSϵeiηSδ . As a consequence, G/S(ϵ,δ) is a group. The group G/S(ϵ,δ) is known as quotient group of the G by S(ϵ,δ).

    Lemma 4.12. Assume that a natural homomorphism from group G onto G/S(ϵ,δ) is f:GtoG/S(ϵ,δ) and the rule specifies, f(l) =lS(ϵ,δ) with kernel f = Se(ϵ,δ).

    Proof. Suppose an arbitrary elements l, m taken from group G, then f(lm)=lmS(ϵ,δ)=νlmSϵeiηlmSδ =νlSϵeiηlSδ  νmSϵeiηmSδ =lS(ϵ,δ)mS(ϵ,δ)=f(l)s(m). Hence f is a homomorphism and f is an onto mapping.

    Then,Kerf={lG:f (l)=eS(ϵ,δ)}={lG: lS(ϵ,δ)=eS(ϵ,δ) }={lG:le1Se(ϵ,δ)}={lG:lSe(ϵ,δ)}=Se(ϵ,δ).

    As a result of this, we introduce (ϵ,δ)-CAFG of quotient group generates by normal subgroup Seϵ,δ.

    Theorem 4.13. Let Seϵ,δ be normal subgroup of G. If S(ϵ,δ)={(l,νSϵ(l)eiηSδ(l)):lG} is (ϵ,δ)-CAFSG. Then the (ϵ,δ)-complex anti fuzzy set ¯S(ϵ,δ)={(lSe(ϵ,δ),¯νSϵ(lSe(ϵ,δ))ei¯ηSδ(lSe(ϵ,δ))):lG} of G/Se(ϵ,δ) is also a (ϵ,δ)-CAFSG of G/Seϵ,δ. Where ¯νSϵ(lSe(ϵ,δ))ei¯ηSδ(lSe(ϵ,δ))=min{νSϵ(la)eiηSδ(la):aSe(ϵ,δ)} .

    Proof. First we shall prove that ¯νSϵ(lSe(ϵ,δ))ei¯ηSδ(mSe(ϵ,δ)) is well defined. Let lSeϵ,δ=mSeϵ,δ then m=la, for some aSeϵ,δ. Now ¯νSϵ(mSe(ϵ,δ))ei¯ηSδ(mSeϵ,δ)=min{νSϵ(mb)eiηSδ(mb):bSe(ϵ,δ)} 

    =min{νSϵ(lab)eiηSδ(lab):c=abSe(ϵ,δ)} =min{νSϵ(lc)eiηSδ(lc):cSe(ϵ,δ)} =¯νSϵ(lSe(ϵ,δ)) ei¯ηSδ(lSe(ϵ,δ))

    Therefore, ¯νSϵ(lSe(ϵ,δ))ei¯ηSδ(lSe(ϵ,δ)) is well defined.

    Consider, ¯νSϵ{(lSe(ϵ,δ))(mSe(ϵ,δ))}ei¯ηSδ{(lSe(ϵ,δ))(mSe(ϵ,δ))}

    =¯νSϵ(lmSe(ϵ,δ))ei¯ηSδ(lmSe(ϵ,δ))=min{νSϵ(lma)eiηSδ(lma): aSe(ϵ,δ)} min{max{νSϵ(lb)eiηS(ϵ,δ)(lb),νSϵ(mc)eiηSδ(mc)} :b,cSeϵ,δ}max{min{νSϵ(lb)eiηSδ(lb)} :bSeϵ,δ,min{νSϵ(mc)eiηSδ(mc)} :cSeϵ,δ }max{¯νSϵ(lSe(ϵ,δ))ei¯ηSδ(lSe(ϵ,δ)),¯νSϵ(mSe(ϵ,δ))ei¯ηSδ(mSe(ϵ,δ))}.
    Also,¯νSϵ((lSe(ϵ,δ))1)ei¯ηSδ((lSe(ϵ,δ))1)=¯νSϵ(l1Seϵ,δ)ei¯ηSδ(l1Seϵ,δ)=min{νSϵ(l1a)eiηSδ(l1a):aSeϵ,δ} min{νSϵ(la)eiηSδ(la): aSeϵ,δ} =¯νSϵ(lSe(ϵ,δ))ei¯ηSδ(lSe(ϵ,δ)).

    This established the proof.

    Definition 4.14. Let S(ϵ,δ) be a (ϵ,δ)-CAFSG of finite the group G. Then the cardinality of the set G/S(ϵ,δ) for (ϵ,δ)-CAF left cosets of G by S(ϵ,δ) is known as the index of (ϵ,δ)-CAFSG and is represent by [G:l].

    Theorem 4.15. (ϵ,δ)-complex anti fuzzification of Lagrange's Theorem: Assume that G be finite group and S(ϵ,δ) be (ϵ,δ)-CAFSG of G then G is divisible by the index of (ϵ,δ)-CAFSG of G.

    Proof. By Lemma 4.13, natural homomorphism h introduced from G to G/S(ϵ,δ). A subgroup is introduced by H={wG:wS(ϵ,δ)=eS(ϵ,δ)}. By attempting to make use of the definition wH and gG, we have wS(ϵ,δ)(g)=eS(ϵ,δ)(g). This indicates S(ϵ,δ)(w1g)=S(ϵ,δ)(g). By Theorem 4.11, which shows that wSe(ϵ,δ). As a result H is contain in Se(ϵ,δ). Now, we can take arbitrary element wSe(ϵ,δ) and applying knowledge Se(ϵ,δ) is subgroup of G, we have S(ϵ,δ)(w1)=S(ϵ,δ)(e). From Theorem 4.11, the elements w1, gSe(ϵ,δ), this mean wS(ϵ,δ)=eS(ϵ,δ), implies that wH. Hence Se(ϵ,δ) is contain in H. We can conclude this the discussion that H=Se(ϵ,δ).

    Unions of disjoint of right cosets is establish the partition of group G and is defined as G=z1Gz2HzlH. Where z1H=H. There is a (ϵ,δ)-CAF cosets ziS(ϵ,δ) in G/Se(ϵ,δ) and also is a differentiable.

    Consider any coset ziSe(ϵ,δ). Let wSe(ϵ,δ), then

    h(ziw)=ziwS(ϵ,δ)=ziS(ϵ,δ)wS(ϵ,δ)=ziS(ϵ,δ)eS(ϵ,δ)=ziS(ϵ,δ).

    Hence, h maps every entity of ziSe(ϵ,δ) into the (ϵ,δ)-CAF cosets ziS(ϵ,δ).

    Currently, we can establish a basic association. h  among the set {ziSe(ϵ,δ):1il } and the set G/Se(ϵ,δ) defined by

    h(ziSe(ϵ,δ))=ziS(ϵ,δ), 1il.

    The h is injective.

    As a result, suppose ziS(ϵ,δ)=zlS(ϵ,δ), then z1lziS(ϵ,δ)=eS(ϵ,δ). Using (S), we have z1lziH, this means that ziSe(ϵ,δ)=ziSe(ϵ,δ) and thus h is injective. It is evident from the preceding discussion that [G: Se(ϵ,δ)] and [G:S(ϵ,δ)] are equal. Since [G: Se(ϵ,δ)] divides O(G).

    This algebraic concept is shown in example.

    Example 4.16. Assume G={<l,m:l3=m2=e, lm=ml2} be a group of order 6 finite permutations. The (ϵ,δ)-CAFSG S(ϵ,δ) of G according to the value ϵ=0.2 and δ=π4 is discuss.

    S(ϵ,δ)(ω)={0.3eπi3ifω=e,0.4eπi2,ifω=l,l2,0.6eπi,otherwise.

    The set of all (ϵ,δ)-CAF left cosets of G by S(ϵ,δ) is given by:

    G/S(ϵ,δ)={eS(ϵ,δ), lS(ϵ,δ), mS(ϵ,δ)}.

    It represents that [G:S(ϵ,δ)]=Card(G/S(ϵ,δ))=3.

    In this article, we defined the concept of (ϵ,δ)-CAFS as a useful modification of classical CAFS. We established (ϵ,δ)-CAFSGs and presented certain fundamental algebraic characterizations of this novel framework. In addition, we developed the (ϵ,δ)-CAF cosets and analyzed some of their algebraic characteristics. Furthermore, we investigated the (ϵ,δ)-CAFNSG that generates the (ϵ,δ)-CAFQG. As for the future works, we will extend the novel approach to the different algebraic models and then apply on the extension of group theory, and introduce (ϵ,δ)-CAF subrings. Furthermore, we will work on its applications. Moreover, the proposed method can be applied to other areas, such as design concept evaluation, and the assessment of a method for complex products based on cloud rough numbers [39]. This assessment can be regarded as multi-attribute group decision-making.

    The authors declare that they have not used Artificial Intelligence tools in the creation of this article.

    This research work funded by Researchers Supporting Project number : RSPD2024R934, King Saud University, Riyadh, Saudi Arabia.

    The authors declare that they have no conflicts of interest.



    [1] Ahmad S, Hafeez A, Siddqui SA, et al. (2020) A review of COVID-19 (Coronavirus Disease-2019) diagnosis, treatments and prevention. EJMO 4:116-125.
    [2] Alandijany TA, Faizo AA, Azhar EI (2020) Coronavirus disease of 2019 (COVID-19) in the Gulf Cooperation Council (GCC) countries: Current status and management practices. J Infect Public Heal 13: 839-842. doi: 10.1016/j.jiph.2020.05.020
    [3] Al-Awadhi AM, Alsaifi K, Al-Awadhi A, et al. (2020) Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. J Behav Exp Financ 27: 100326.
    [4] Ali M, Alam N, Rizvi SAR (2020) Coronavirus (COVID-19)—An epidemic or pandemic for financial markets. J Behav Exp Financ 27: 100341.
    [5] Al-Maadid A, Caporaleb MC, Spagnolob F, et al. (2020) The impact of business and political news on the GCC stock markets. Res Int Bus Financ 52: 101102.
    [6] Alqahtani A, Chevallier J (2020) Dynamic spillovers between Gulf Cooperation Council's stocks, VIX, oil and gold volatility indices. J Risk Financ Manage 13: 1-17. doi: 10.3390/jrfm13040069
    [7] Al-Yahyaee KH, Mensi W, Sensoy A, et al. (2019) Energy, precious metals, and GCC stock markets: Is there any risk spillover? Pacific Basin Financ J 56: 45-70.
    [8] Arshad Ali S, Baloch M, Ahmed N, et al. (2020) The outbreak of coronavirus disease 2019 (COVID-19)—An emerging global health threat. J Infect Public Heal 13: 644-646. doi: 10.1016/j.jiph.2020.02.033
    [9] Ashraf BN (2020) Stock markets' reaction to COVID-19: Cases or fatalities? Res Int Bus Financ 54: 101249.
    [10] Azar SA, Chopurian NA (2018) Commodity indexes and the stock markets of the GCC countries. Arab Econ Bus J 13: 134-142. doi: 10.1016/j.aebj.2018.08.001
    [11] Baker SR, Bloom N, Davis SJ, et al. (2020) The Unprecedented Stock Market Reaction To COVID-19. NBER Working Paper, No. 26945.
    [12] Baltagi BH (2008) Econometric analysis of panel data, 6th Eds., New York: John Wiley and Sons.
    [13] Breusch TS, Pagan AR (1980) The Lagrange multiplier test and its applications to model specification in econometrics. Rev Econ Stud 47: 239-253. doi: 10.2307/2297111
    [14] Cepoi CO (2020) Asymmetric dependence between stock market returns and news during COVID19 financial turmoil. Financ Res Lett 36: 101658.
    [15] Chen C, He K, Yu L (2015) The information content of OVX for crude oil returns analysis and risk measurement: Evidence from the Kalman filter model. Ann Data Sci 2: 471-487. doi: 10.1007/s40745-015-0058-4
    [16] Chen Y, Zou Y (2015) Examination on the relationship between OVX and crude oil price with Kalman filter. Proc Comput Sci 55:1359-1365. doi: 10.1016/j.procs.2015.07.122
    [17] Gujarati DN (2003) Basic Econom, 4th Eds., New York: McGraw-Hill.
    [18] Harapan H, Itoh N, Yufika A, et al. (2020) Coronavirus disease 2019 (COVID-19): A literature review. J Infect Public Heal 13: 667-673. doi: 10.1016/j.jiph.2020.03.019
    [19] Harjoto MA, Rossi F, Paglia JK (2020) COVID-19: Stock market reactions to the shock and the stimulus. Available at SSRN 3622899.
    [20] Istiak K, Alam MR (2020) US economic policy uncertainty spillover on the stock markets of the GCC countries. J Econ Stud 47: 36-50. doi: 10.1108/JES-11-2018-0388
    [21] Levin A, Lin CF, Chu CSJ (2002) Unit root tests in panel data: Asymptotic and finite-sample properties. J Econ 108: 1-24. doi: 10.1016/S0304-4076(01)00098-7
    [22] Liu HY, Manzoor A, Wang CY, et al. (2020) The COVID-19 outbreak and affected countries stock markets response. Int J Env Res Pub He 17: 1-19.
    [23] Mohanty SK, Nandha M, Turkistani AQ, et al. (2011) Oil price movements and stock market returns: Evidence from Gulf Cooperation Council (GCC) countries. Glob Financ J 22: 42-55. doi: 10.1016/j.gfj.2011.05.004
    [24] Mokni K, Youssef M (2019) Measuring persistence of dependence between crude oil prices and GCC stock markets: A copula approach. Q Rev Econ Financ 72: 14-33. doi: 10.1016/j.qref.2019.03.003
    [25] Nicola M, Alsafi Z, Sohrabi C, et al. (2020) The socio-economic implications of the coronavirus pandemic (COVID-19): A review. Int J Surg 78: 185-193. doi: 10.1016/j.ijsu.2020.04.018
    [26] Ozili P (2020) COVID-19 in Africa: Socio-economic impact, policy response and opportunities. Available at SSRN.
    [27] Sharif A, Aloui C, Yarovaya L, et al. (2020) COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. Int Rev Financ Anal 70: 101496.
    [28] Smales L (2017) The importance of fear: Investor sentiment and stock market returns. Appl Econ 49: 3395-3421. doi: 10.1080/00036846.2016.1259754
    [29] Wagner AF (2020) What the stock market tells us about the post-COVID-19 world. Nat Hum Behav 4: 440.
    [30] Wooldridge JM (2010) Econometric Analysis of Cross Section and Panel Data, 2nd Eds., Cambridge, MA: MIT. Press.
    [31] Worldometer (2020) Covid-19 Coronavirus Pandemic, 2020. Available from: https://www.worldometers.info/coronavirus/.
    [32] Zhang D, Hu M, Ji Q (2020) Financial markets under the global pandemic of COVID-19. Financ Res Lett 36: 101528.
  • This article has been cited by:

    1. Abd Ulazeez Alkouri, Eman A. Abuhijleh, Eman Almuhur, Ghada Alafifi, Sana Abu-Ghurra, Subgroups and Homomorphism Structures of Complex Pythagorean Fuzzy Sets, 2024, 23, 2224-2880, 614, 10.37394/23206.2024.23.65
  • Reader Comments
  • © 2020 the Author(s), licensee AIMS Press. This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0)
通讯作者: 陈斌, bchen63@163.com
  • 1. 

    沈阳化工大学材料科学与工程学院 沈阳 110142

  1. 本站搜索
  2. 百度学术搜索
  3. 万方数据库搜索
  4. CNKI搜索

Metrics

Article views(15484) PDF downloads(1740) Cited by(61)

Figures and Tables

Tables(4)

Other Articles By Authors

/

DownLoad:  Full-Size Img  PowerPoint
Return
Return

Catalog