COVID-19 and the Stock Market

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DC Field	Value
dc.identifier	ECF_chapter_4176
dc.contributor.author	Ramelli Stefano
dc.contributor.author	Wagner Alexander F.
dc.title	COVID-19 and the Stock Market
dc.type	Chapter
dc.language.iso	en
dc.description.abstract	When disaster strikes, the weak suffer mightily, the strong only slightly. That is the lesson from stock market reactions to COVID-19. Strong firms had a robust financial position, advanced environmental and social performance, and were not severely exposed to social distancing and lockdowns. Firms with significant international exposure suffered more, at least at first. The ultimate effects of policy interventions, including those by central banks, have yet to be revealed. The market recovery in the second quarter of 2020 is like a patient recovering from COVID-19: hopeful but still uncertain. Managers and policymakers should project the future with great caution.
dc.relation.ispartof	Innovation in Business, Economics & Finance
dc.publisher	Edizioni Ca’ Foscari - Digital Publishing, Fondazione Università Ca’ Foscari
dc.issued	2020-07-31
dc.dateAccepted	2020-06-30
dc.dateSubmitted	2020-06-03
dc.identifier.uri	http://edizionicafoscari.it/en/edizioni4/libri/978-88-6969-443-1/covid-19-and-the-stock-market/
dc.identifier.doi	10.30687/978-88-6969-442-4/008
dc.identifier.eissn	2784-8574
dc.identifier.isbn
dc.identifier.eisbn	978-88-6969-442-4
dc.rights	Creative Commons Attribution 4.0 International Public License
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/
item.fulltext	with fulltext
item.grantfulltext	open
dc.peer-review	yes
dc.subject	COVID-19
dc.subject	COVID-19
dc.subject	Industry sectors
dc.subject	Industry sectors
dc.subject	Stock markets
dc.subject	Stock markets
dc.subject	Tail risk
dc.subject	Tail risk

Chapter
open access peer reviewed

COVID-19 and the Stock Market

Stefano Ramelli University of Zurich, Switzerland

Alexander F. Wagner University of Zurich, Switzerland; Swiss Finance Institute; European Corporate Governance Institute; CEPR

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abstract

When disaster strikes, the weak suffer mightily, the strong only slightly. That is the lesson from stock market reactions to COVID-19. Strong firms had a robust financial position, advanced environmental and social performance, and were not severely exposed to social distancing and lockdowns. Firms with significant international exposure suffered more, at least at first. The ultimate effects of policy interventions, including those by central banks, have yet to be revealed. The market recovery in the second quarter of 2020 is like a patient recovering from COVID-19: hopeful but still uncertain. Managers and policymakers should project the future with great caution.

Published

July 31, 2020

Accepted

June 30, 2020

Submitted

June 3, 2020

Language

ISBN (EBOOK)

978-88-6969-442-4

Keywords: COVID-19 • Stock markets • Industry sectors • Tail risk

permalink: http://doi.org/10.30687/978-88-6969-442-4/008

Copyright: © 2020 Stefano Ramelli, Alexander F. Wagner. This is an open-access work distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction is permitted, provided that the original author(s) and the copyright owner(s) are credited and that the original publication is cited, in accordance with accepted academic practice. The license allows for commercial use. No use, distribution or reproduction is permitted which does not comply with these terms.

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