The Effect of COVID-19 Pandemic on Pharmaceutical Companies

Student: wang haoyu

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Year of Graduation: 2022

This study investigates the performance of pharmaceutical company stocks in China and United States, considering the changes in composite market index, market volatility and economic policy uncertainty. Sector’s volatility has been intensified in U. S while been mitigated in China. Setting two periods, before and during COVID situation, Chinese sector mainly performed in connect with overall markets, while U. S sector exhibited a positive correlation with market volatility during the pandemic. Policy uncertainty is not a significant factor in both markets within sample periods. Asymmetric effect is only found at U. S sector during pandemic, in a sub-significant level. The study’s findings provide investors, policy-makers information to adopt effective strategies under different market situations in future public emergency.

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