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The Covid-19 Pandemic And Indian Pharmaceutical Companies: An Event Study Analysis

Author

Listed:
  • Chinmaya Behera

    (Goa Institute of Management)

  • Badri Narayan Rath

    (IIT Hyderabad)

Abstract

Although there is a plethora of studies which examine the impact of the COVID-19 pandemic on India’s financial sector, we contribute by investigating the effect of the ongoing COVID-19 pandemic on stock returns of Indian pharmaceutical companies. By employing an event study methodology, our results indicate that the average returns of the pharmaceutical sector are positive during the COVID-19 phase although mixed evidence is found at the firm level. This finding is also robust to alternative model specifications.

Suggested Citation

  • Chinmaya Behera & Badri Narayan Rath, 2021. "The Covid-19 Pandemic And Indian Pharmaceutical Companies: An Event Study Analysis," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 24(Special I), pages 1-14, January.
  • Handle: RePEc:idn:journl:v:24:y:2021:i:spc:p:1-14
    DOI: https://doi.org/10.21098/bemp.v24i0.1483
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    Citations

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    Cited by:

    1. Rizvi, Syed Aun R. & Pathirage, Kasun, 2023. "COVID-19 policy actions and inflation targeting in South Asia," Journal of Asian Economics, Elsevier, vol. 84(C).
    2. Behera, Chinmaya & Rath, Badri Narayan & Mishra, Pramod Kumar, 2024. "The impact of monetary and fiscal stimulus on stock returns during the COVID-19 Pandemic," Journal of Asian Economics, Elsevier, vol. 90(C).
    3. Behera, Harendra & Gunadi, Iman & Rath, Badri Narayan, 2023. "COVID-19 uncertainty, financial markets and monetary policy effects in case of two emerging Asian countries," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 173-189.

    More about this item

    Keywords

    COVID-19; Pharmaceutical companies; Risk; Stock return; Event study analysis;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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