Stock market performance of Brazilian healthcare companies during the COVID-19 pandemic: a sectoral analysis

Marcos Gonçalves Perroni (), Carlos Otavio Senff (), Alessandra Cassol (), Wesley Vieira Silva (), Mauricio Schifler (), Zhaohui Su () and Claudimar Pereira Veiga ()
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Marcos Gonçalves Perroni: Pontifical Catholic University of Parana, Imaculada Conceição 1155
Carlos Otavio Senff: Pontifical Catholic University of Parana, Imaculada Conceição 1155
Alessandra Cassol: Universidade Federal Rural Do Rio de Janeiro
Wesley Vieira Silva: Federal University of Alagoas
Mauricio Schifler: Contestado University (UnC)
Zhaohui Su: Institute for Human Rights, Southeast University
Claudimar Pereira Veiga: Fundação Dom Cabral

Future Business Journal, 2025, vol. 11, issue 1, 1-16

Abstract: Abstract This study analyzes the stock market performance of 14 healthcare companies listed on the Brazilian stock exchange during the COVID-19 pandemic. It focuses on four subsectors: pharmaceuticals, drugs, equipment, and medical services. Using a comprehensive methodological approach—including the Capital Asset Pricing Model, Sharpe index, and panel data regression—the study assesses individual and portfolio behavior from January 2020 to July 2021. The findings reveal heterogeneous impacts of the pandemic across subsectors, with pharmaceutical companies showing more resilience than drug and medical service firms. The research provides investors, policymakers, and healthcare managers valuable insights by identifying sector-specific risk and return profiles during health crises.

Keywords: COVID-19; Health stock market; CAPM; Panel regression; Health management; G10; G11; G14; I11; I18 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1186/s43093-025-00527-5

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