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In early March 2020 when COVID-19 started to spread globally, volatility skew for equity indices became more steep (i.e., the slop of implied volatility with

In early March 2020 when COVID-19 started to spread globally, volatility skew for equity indices became more steep (i.e., the slop of implied volatility with respect to moneyness because more negative). Give an explanation of this phenomenon

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