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Deprecated: Implicit conversion from float 211.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Financ+Res+Lett 2021 ; 38 (ä): 101745 Nephropedia Template TP
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Market reactions to the arrival and containment of COVID-19: An event study #MMPMID32895606
Heyden KJ; Heyden T
Financ Res Lett 2021[Jan]; 38 (ä): 101745 PMID32895606show ga
We study the short-term market reactions of US and European stocks during the beginning of the COVID-19 pandemic. Employing an event study, we document that stocks react significantly negatively to the announcement of the first death in a given country. While our results suggest that the announcements of country-specific fiscal policy measures negatively affect stock returns, monetary policy measures have the potential to calm markets. These reactions are either intensified or lessened by firm-specific characteristics such as tangible assets, liquidity, and institutional holdings.