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A coronavirus outbreak and sector stock returns: a tale from the first ten weeks of 2020

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  • Khoa Huu Nguyen

Abstract

This paper examines early impacts of the COVID-19 outbreak on stock returns of 11 sectors using the firm-level stock price data from 10 countries. Results show that investors across sectors and countries respond differently during the outbreak. Communication Services, Consumer Staples, Health Care, Information Technology, and Utilities sectors consistently perform relatively well, compared to other sectors, in all countries except Italy, Japan and U.S. Conversely, Energy sector suffers greatest abnormal negative returns, among all sectors, in countries including Canada, Italy, U.K. and U.S. Furthermore, Japan and U.S. have highest numbers of abnormally and negatively affected sectors.

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  • Khoa Huu Nguyen, 2022. "A coronavirus outbreak and sector stock returns: a tale from the first ten weeks of 2020," Applied Economics Letters, Taylor & Francis Journals, vol. 29(18), pages 1730-1740, October.
    • Handle: RePEc:taf:apeclt:v:29:y:2022:i:18:p:1730-1740
    DOI: 10.1080/13504851.2021.1961116
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