Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets

This study examines the heterogeneous effects of the COVID-19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sent...

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Tác giả chính:	Zhifeng Liu
Đồng tác giả:	Peng-Fei Dai
Định dạng:	Journal Article
Ngôn ngữ:	English
Thông tin xuất bản:	Wiley Online 2023
Chủ đề:	Capital‐intensive COVID‐19 Finance Financial market Investor sentiment Labor‐intensive
Truy cập trực tuyến:	https://digital.lib.ueh.edu.vn/handle/UEH/70303 https://doi.org/10.1111/jifm.12166
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spelling	oai:localhost:UEH-703032023-11-29T08:45:04Z Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets Zhifeng Liu Peng-Fei Dai Toan L. D. Huynh Tingting Zhang Guoqing Zhang Capital‐intensive COVID‐19 Finance Financial market Investor sentiment Labor‐intensive This study examines the heterogeneous effects of the COVID-19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sentiment can directly cause stock prices to fall and panic exacerbates the negative impact of the pandemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms of four firm characteristics and find that those with high asset intensity, low labor intensity, high inventory-to-revenue ratio, and small market value are more negatively affected than others. For labor-intensive state-owned firms, in particular, stock performance worsened because of higher idle labor costs. Finally, we created an index to measure the relative position of an industry in the supply chain, which shows that downstream companies were more vulnerable to the effects of the pandemic. 2023-11-29T08:45:03Z 2023-11-29T08:45:03Z 2023 Journal Article 0954-1314 (Print), 1467-646X (Online) https://digital.lib.ueh.edu.vn/handle/UEH/70303 https://doi.org/10.1111/jifm.12166 en Journal of International Financial Management and Accounting Vol. 34 none Portable Document Format (PDF) 243 278 Wiley Online
institution	Đại học Kinh tế Thành phố Hồ Chí Minh
collection	DSpaceUEH
language	English
topic	Capital‐intensive COVID‐19 Finance Financial market Investor sentiment Labor‐intensive
spellingShingle	Capital‐intensive COVID‐19 Finance Financial market Investor sentiment Labor‐intensive Zhifeng Liu Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets
description	This study examines the heterogeneous effects of the COVID-19 outbreak on stock prices in China. We confirm what is already known, that the pandemic has had a significant negative impact on stock market returns. Additionally, we find, this effect is heterogeneous across industries. Second, fear sentiment can directly cause stock prices to fall and panic exacerbates the negative impact of the pandemic on stock returns. Third, and most importantly, we demonstrate the underlying mechanisms of four firm characteristics and find that those with high asset intensity, low labor intensity, high inventory-to-revenue ratio, and small market value are more negatively affected than others. For labor-intensive state-owned firms, in particular, stock performance worsened because of higher idle labor costs. Finally, we created an index to measure the relative position of an industry in the supply chain, which shows that downstream companies were more vulnerable to the effects of the pandemic.
author2	Peng-Fei Dai
author_facet	Peng-Fei Dai Zhifeng Liu
format	Journal Article
author	Zhifeng Liu
author_sort	Zhifeng Liu
title	Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets
title_short	Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets
title_full	Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets
title_fullStr	Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets
title_full_unstemmed	Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets
title_sort	industries' heterogeneous reactions during the covid-19 outbreak: evidence from chinese stock markets
publisher	Wiley Online
publishDate	2023
url	https://digital.lib.ueh.edu.vn/handle/UEH/70303 https://doi.org/10.1111/jifm.12166
work_keys_str_mv	AT zhifengliu industriesheterogeneousreactionsduringthecovid19outbreakevidencefromchinesestockmarkets
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Industries' heterogeneous reactions during the COVID-19 outbreak: Evidence from Chinese stock markets

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