IMPACTUL ANUNȚURILOR PRIVIND LANSAREA VACCINURILOR ANTI COVID-19 ASUPRA PIEȚEI DE CAPITAL: STUDIU DE EVENIMENT
IMPACT OF COVID-19 VACCINE LAUNCH ANNOUNCEMENTS ON THE CAPITAL MARKET: EVENT STUDY
Author(s): Paula-Parascheva PascalSubject(s): National Economy, Business Economy / Management, Methodology and research technology, Health and medicine and law, Financial Markets
Published by: Fundatia Institutul de Studii Financiare
Keywords: COVID-19; vaccine; stock market; event study; abnormal returns;
Summary/Abstract: The Coronavirus pandemic is an actor with a major influence on society as a whole.The accelerated search for COVID-19 vaccines and their early release has set a new record in the pharmaceutical field, given that, normally, the development of a vaccine takes between8 and 10 years. The aim of this paper is to investigate, using an empirical event study, based on panel data, the stock market reaction in response to the announcement of COVID-19vaccines launch (after the announcement of the third stage end of research and after setting an efficiency of about 95%) by the big companies: Pfizer, Astra Zeneca and Moderna. The results show that a significant effect determined by the analyzed event on the stock market is present at the announcement of the launch on the market of the first COVID-19 vaccine,respectively that produced and supplied by Pfizer.
Journal: ISF - Working papers
- Issue Year: 2/2022
- Issue No: 2
- Page Range: 65-80
- Page Count: 16
- Language: Romanian