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COVID-19, a blessing in disguise for the Tech sector: Evidence from stock price crash risk

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  • Hossain, Ashrafee T.
  • Masum, Abdullah-Al
  • Xu, Jian

Abstract

In this paper we document that although COVID-19 has brought uncertainties to the overall economy, the Technology (tech) sector is the systematic beneficiary of the pandemic. Using a quasi-natural setup, we find a significant notion that the Stock Price Crash Risk (SPCR) of firms within the Tech sector decreases during the COVID-19 pandemic compared to the recent past and firms belonging to other sectors. Our analyses further reveal that firms in the Tech sector with stronger external monitoring and better information environment receive an even greater advantage from the pandemic. Overall, our study suggests that the higher systemic dependency on the Tech sector during the COVID-19 outbreak results in an economic benefit for this sector.

Suggested Citation

  • Hossain, Ashrafee T. & Masum, Abdullah-Al & Xu, Jian, 2023. "COVID-19, a blessing in disguise for the Tech sector: Evidence from stock price crash risk," Research in International Business and Finance, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:riibaf:v:65:y:2023:i:c:s0275531923000648
    DOI: 10.1016/j.ribaf.2023.101938
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    More about this item

    Keywords

    COVID-19; Uncertainty; Stock price crash risk; Tech sector;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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