经验丰富的股票发行艰难时期:在COVID大流行期间的表现
Marc Zenzius1, Christian Flore1, Dirk Schiereck1
1Department of Business Administration, Economics and Law, Technische Universität Darmstadt, Hochschulstr. 1, 64289 Darmstadt, Germany.
概括
资本市场在COVID-19大流行期间经历了SEO公告的负面财富影响,较大的公司表现更好. 生物技术和医疗保健公司尤其面临不利反应,特别是那些预公告估值较低的公司.
科学领域:
- 金融 金融 金融 金融 金融
- 经济学 经济学 经济学
- 市场分析市场分析
背景情况:
- 随着COVID-19大流行,金融市场出现了前所未有的不确定性.
- 经验丰富的股票发行 (SEOs) 是具有财富影响的重大企业金融事件.
研究的目的:
- 在COVID-19大流行期间分析SEO公告在美国的财富效应.
- 在此期间确定影响SEO绩效的关键决定因素.
主要方法:
- 事件研究方法来计算异常回报.
- 回归分析以确定公司特征和流行病背景的影响.
主要成果:
- 对于SEO公告,观察到明显负的异常回报率为-8.6%.
- 与较小的公司相比,较大的公司表现出优越的SEO性能.
- 生物技术和医疗保健公司经历了更为明显的负面反应,由较低的SEO前估值加剧.
结论:
- 由于不确定性增加,资本市场在疫情期间对SEO做出了负面反应.
- 公司规模和行业部门 (生物技术/医疗保健) 是SEO财富效应的关键决定因素.
- 预公告公司估值可以缓解SEO在不确定时期的负面影响.
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