STOCK MARKET REACTIONS TO COVID-19: THE CASE OF NYSE
Batrancea Larissa
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Batrancea Larissa: BABES-BOLYAI UNIVERSITY CLUJ-NAPOCA, FACULTY OF BUSINESS, ROMANIA
Annals - Economy Series, 2020, vol. 6, 17-23
Abstract:
The present article reports on the analysis of the degree to whichthe current COVID-19 pandemic has impacted on the stock market pricesof the first 34 companies listed on the New York Stock Exchange (NYSE). Despite the fact that the majority of finance professionals believe that the evolution of price-to-earnings, price-to-sales and price-to-book value depend heavily on psychological factors and not so much on financial results of a company, the study shows that these indicators of major importance for stock markets have been shaped by profitability and liquidity ratios. By running a panel data analysis on company financial indicators regarding the time span March-September 2020, the study shows that price-to-sales was significantly influenced by company profitability and liquidity. Moreover, price-to-earnings and price-to-book value were influenced solely by company profitability.
Keywords: stock market; earnings; sales; prices; investment; book value (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2020:v:6:p:17-23
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