Pham Anh Viet, Adrian Christofer, Garg Mukesh, Phang Soon-Yeow, Truong Cameron
Newcastle Business School, University of Newcastle, Australia.
Department of Accounting, Monash Business School, Australia.
Financ Res Lett. 2021 Nov;43:102002. doi: 10.1016/j.frl.2021.102002. Epub 2021 Mar 19.
We use state-level data to evaluate the connection between outbreaks of COVID-19 and stock returns over the period January-June 2020. We show that daily increases in the number of infected cases, hospitalized cases, and deaths are negatively associated with next day stock returns of firms headquartered in the same state. The relationship is weaker among states with high levels of medical resources and states that are likely to get support from the federal government. In addition, we find that the negative effect is reduced for firms that report an expectation that an outbreak will increase revenues and for firms with a strong corporate social responsibility practice. We believe our study is the first paper to assess cross-sectional stock price reactions to COVID-19 as a function of the state-level impact of the pandemic outbreak.
我们使用州层面的数据来评估2020年1月至6月期间新冠疫情爆发与股票回报之间的联系。我们发现，感染病例、住院病例和死亡人数的每日增加与总部位于同一州的公司次日股票回报呈负相关。在医疗资源水平较高以及可能获得联邦政府支持的州之间，这种关系较弱。此外，我们发现，对于那些预计疫情将增加收入的公司以及具有强烈企业社会责任实践的公司，负面影响会有所减轻。我们相信，我们的研究是第一篇评估作为大流行爆发州层面影响函数的新冠疫情横截面股价反应的论文。
