Yu Huaibing
College of Business and Public Management, Kean University, Union, NJ 07083, United States.
Financ Res Lett. 2022 Aug;48:102893. doi: 10.1016/j.frl.2022.102893. Epub 2022 Apr 19.
Although firms with sustainable competitive advantage do not yield superior returns in regular years, these firms significantly outperform others during the Covid-19 pandemic. Empirical evidence shows that wide-moat is positively priced by the stock market during the pandemic, which is not the case in the pre-pandemic period. Furthermore, wide-moat firms can generate positive cumulative abnormal returns after the advent of the Covid-19 pandemic. However, the magnitude wanes down as time expands into the future.
尽管具有可持续竞争优势的公司在正常年份不会产生卓越回报，但在新冠疫情期间，这些公司的表现显著优于其他公司。实证证据表明，在疫情期间，宽护城河被股票市场积极定价，而在疫情前并非如此。此外，在新冠疫情出现后，宽护城河公司能够产生正的累积异常回报。然而，随着时间推移到未来，这种幅度会逐渐减弱。
