COVID-19 and the march 2020 stock market crash. Evidence from S & P1500

被引：514

作者：

Mazur, Mieszko ^{[1
]}

Dang Man ^{[2
]}

Vega, Miguel ^{[1
]}

机构：

[1] IESEG Sch Management LEM, CNRS 9221, F-92800 Parvis De La Def, Puteaux, France

[2] Univ Da Nang, Univ Econ, 71 Ngu Hanh Son St, Danang City 550000, Vietnam

来源：

FINANCE RESEARCH LETTERS | 2021年 / 38卷

关键词：

GOVERNANCE;

D O I：

10.1016/j.frl.2020.101690

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the US stock market performance during the crash of March 2020 triggered by COVID-19. We find that natural gas, food, healthcare, and software stocks earn high positive returns, whereas equity values in petroleum, real estate, entertainment, and hospitality sectors fall dramatically. Moreover, loser stocks exhibit extreme asymmetric volatility that correlates negatively with stock returns. Firms react in a variety of different ways to the COVID-19 revenue shock. The analysis of the 8K and DEF14A filings of poorest performers reveals departures of senior executives, remuneration cuts, and (most surprisingly) newly approved cash bonuses and salary increases.

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