Journal
EMERGING MARKETS FINANCE AND TRADE
Volume 56, Issue 10, Pages 2231-2242Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2020.1787151
Keywords
Market reaction; COVID-19; extreme events; financial conditions; corporate governance
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Funding
- Beijing Social Science Fund [19GLC074]
- Initiation Project of Preventing the COVID-19 Pandemic for Scientific Research of Guizhou University of Finance and Economics [2020YQ11]
- Fundamental Research Funds for the Central Universities [2020MS044]
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This paper investigates market reaction to the novel corona virus (COVID-19) pandemic. Using a sample of Chinese listed firms, we find that market reaction to the COVID-19 outbreak is more intense in firms within the industries that are vulnerable to the virus, and those with high institutional investors. Furthermore, firms with larger scale, better profitability and growth opportunity, higher combined leverage, and less fixed assets experience less adverse impact of the COVID-19 outbreak than other firms.
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