Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2033129
How has the announcement of the Covid-19 pandemic and vaccine impacted the market?
Maria Ángeles Alcaide González
Elena De la Poza Plaza
Natividad Guadalajara Olmeda
Sažetak
As COVID-19 has hit the whole world hard, finding a vaccine that
alleviates its effects has been one of the most anticipated events
in 2020. This work studies the impact of the two main events in
2020 on companies’ stock exchange activities: announcing COVID19 as a world pandemic and announcing the first coronavirus vaccine. This study was carried out by an event study methodology
using Nasdaq-100 data. Ordinary Least Squares (OLS) and quantile
(Q) regression were used to obtain the returns expected from
shares and to assess if there were any significant differences in
the reactions of the analysed sectors on the market in each event
window. The obtained empirical results show different share performances by sectors. Specifically, only those shares from the
technology sector positively and significantly reacted to the first
announcement. However, the opposite can be stated of the
second event insofar as confidence in financial markets recovered
to a greater extent in the sectors hardest hit by the first
announcement. These conclusions are meaningful for companies,
investors and governments to make better decisions or to adopt
new policies.
Ključne riječi
COVID-19; event study; financial performance; first vaccine; Nasdaq-100; OLS and quantile regression
Hrčak ID:
302863
URI
Datum izdavanja:
31.3.2023.
Posjeta: 184 *