Araştırma Makalesi
PDF Zotero Mendeley EndNote BibTex Kaynak Göster

Yıl 2020, Cilt 9, Sayı 2, 68 - 79, 30.06.2020
https://doi.org/10.17261/Pressacademia.2020.1215

Öz

Kaynakça

  • Cappiello, L., Engle, Sheppard, K., (2006), Asymmetric Dynamics in the Correlations of Global Equity and Bond Returns, Journal of Financial Econometrics, Vol. 4, No. 4, pp. 537–572
  • Chen, C. D., Chen, C. C., Tang, W. W., and Huang, B. Y. (2009). The positive and negative impacts of the SARS outbreak: A case of the Taiwan industries. The Journal of Developing Areas, 281-293.
  • Chen, X., Ghysels, E., (2010), News-Good or Bad-and Its Impact on Volatility Predictions over Multiple Horizons, The Society for Financial Studies, Oxford University Press.
  • Chen, M. P., Lee, C. C., Lin, Y. H., & Chen, W. Y. (2018). Did the SARS epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis. Economic research-Ekonomska istraživanja, 31(1), 908-926.
  • Chen, M. H., Jang, S. S., and Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: an event-study approach. International Journal of Hospitality Management, 26(1), 200-212.
  • Donadelli, M., Kızys, R., & Rıedel, M. Globally (2015). Dangerous Diseases, Sentiment and Pharmaceutical Stock Prices. http://sfm.finance.nsysu.edu.tw/php/Papers/CompletePaper/038-1674094255.pdf
  • Donadelli, M., Kizys, R., & Riedel, M. (2017). Dangerous infectious diseases: Bad news for Main Street, good news for Wall Street?. Journal of Financial Markets, 35, 84-103.
  • Keogh-Brown, M. R., Smith, R. D., Edmunds, J. W., and Beutels, P. (2010). The macroeconomic impact of pandemic influenza: estimates from models of the United Kingdom, France, Belgium and The Netherlands. The European Journal of Health Economics, 11(6), 543-554.
  • McKibbin, W. J., and Fernando, R. (2020). The global macroeconomic impacts of COVID-19: Seven scenarios
  • Morales, L., and Andreosso-O'Callaghan, B. (2020). Covid19: Global Stock Markets “Black Swan”. Critical Letters in Economics & Finance, 1(1), 1
  • Nelson, B., D, (1991), Conditional Heteroskedasticity in Asset Returns: A New Approach, Econometrica, Vol. 59, No. 2., pp. 347-370
  • Nippani, S., & Washer, K. M. (2004). SARS: a non-event for affected countries’ stock markets?. Applied Financial Economics, 14(15), 1105-1110.
  • Sherman IW. Dünyamızı Değiştiren On İki Hastalık. (Çev:Emel Tümbay, Mine Arığ Küçüker). Türkiye İş Bankası Yayınları. İstanbul, 2016.
  • Solarin, S. A. (2015). September 11 attacks, H1N1 influenza, global financial crisis and tourist arrivals in Sarawak. Anatolia, 26(2), 298-300.
  • Tiryaki, H.N., Ekinci, A., (2015). "Finansal bulaşıcılık çerçevesinde küresel kriz ve Türkiye'ye etkileri", Sakarya İktisat Dergisi, Cilt.4, Sayı:1, 1-30
  • Verikios, G., McCaw, J. M., McVernon, J., and Harris, A. H. (2012). H1N1 influenza and the Australian macroeconomy. Journal of the Asia Pacific Economy, 17(1), 22-51.
  • Wang, Y. H., Yang, F. J., and Chen, L. J. (2013). An investor's perspective on infectious diseases and their influence on market behavior. Journal of Business Economics and Management, 14(sup1), S112-S127.
  • Worldometers, URL: https://www.worldometers.info/coronavirus (2020)
  • Zeren, F., and Hızarcı, A. The Impact Of Covıd-19 Coronavırus On Stock Markets: Evıdence From Selected Countrıes. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84

THE IMPACT OF COVID-19 TO GLOBAL PHARMACEUTICALS AND BIOTECHNOLOGY COMPANY STOCKS RETURNS

Yıl 2020, Cilt 9, Sayı 2, 68 - 79, 30.06.2020
https://doi.org/10.17261/Pressacademia.2020.1215

Öz

Purpose – A mix of legacy drug makers and small startups have stepped forward with plans to develop vaccines or treatments that target the infection caused by Covid-19. In this paper, we examine whether COVID-19 related news triggers investment to pharma and biotech companies. Methodology We investigate the news impact of the pandemic on global pharmaceuticals and biotechnology industry stock returns by utilizing EGARCH models and News Impact Curves Findings- Due to our results, there are outstanding companies such as Gilead with its remdesivir which was originally developed to treat the Ebola virus and Dynavax partnering with vaccine developer companies to use its technology. Conclusion- The asymmetry in the NICs for the favor of good news suggests that companies like Gilead and Dynavax are priced by the market with an expectation to find the cure or play an important part in this process.

Kaynakça

  • Cappiello, L., Engle, Sheppard, K., (2006), Asymmetric Dynamics in the Correlations of Global Equity and Bond Returns, Journal of Financial Econometrics, Vol. 4, No. 4, pp. 537–572
  • Chen, C. D., Chen, C. C., Tang, W. W., and Huang, B. Y. (2009). The positive and negative impacts of the SARS outbreak: A case of the Taiwan industries. The Journal of Developing Areas, 281-293.
  • Chen, X., Ghysels, E., (2010), News-Good or Bad-and Its Impact on Volatility Predictions over Multiple Horizons, The Society for Financial Studies, Oxford University Press.
  • Chen, M. P., Lee, C. C., Lin, Y. H., & Chen, W. Y. (2018). Did the SARS epidemic weaken the integration of Asian stock markets? Evidence from smooth time-varying cointegration analysis. Economic research-Ekonomska istraživanja, 31(1), 908-926.
  • Chen, M. H., Jang, S. S., and Kim, W. G. (2007). The impact of the SARS outbreak on Taiwanese hotel stock performance: an event-study approach. International Journal of Hospitality Management, 26(1), 200-212.
  • Donadelli, M., Kızys, R., & Rıedel, M. Globally (2015). Dangerous Diseases, Sentiment and Pharmaceutical Stock Prices. http://sfm.finance.nsysu.edu.tw/php/Papers/CompletePaper/038-1674094255.pdf
  • Donadelli, M., Kizys, R., & Riedel, M. (2017). Dangerous infectious diseases: Bad news for Main Street, good news for Wall Street?. Journal of Financial Markets, 35, 84-103.
  • Keogh-Brown, M. R., Smith, R. D., Edmunds, J. W., and Beutels, P. (2010). The macroeconomic impact of pandemic influenza: estimates from models of the United Kingdom, France, Belgium and The Netherlands. The European Journal of Health Economics, 11(6), 543-554.
  • McKibbin, W. J., and Fernando, R. (2020). The global macroeconomic impacts of COVID-19: Seven scenarios
  • Morales, L., and Andreosso-O'Callaghan, B. (2020). Covid19: Global Stock Markets “Black Swan”. Critical Letters in Economics & Finance, 1(1), 1
  • Nelson, B., D, (1991), Conditional Heteroskedasticity in Asset Returns: A New Approach, Econometrica, Vol. 59, No. 2., pp. 347-370
  • Nippani, S., & Washer, K. M. (2004). SARS: a non-event for affected countries’ stock markets?. Applied Financial Economics, 14(15), 1105-1110.
  • Sherman IW. Dünyamızı Değiştiren On İki Hastalık. (Çev:Emel Tümbay, Mine Arığ Küçüker). Türkiye İş Bankası Yayınları. İstanbul, 2016.
  • Solarin, S. A. (2015). September 11 attacks, H1N1 influenza, global financial crisis and tourist arrivals in Sarawak. Anatolia, 26(2), 298-300.
  • Tiryaki, H.N., Ekinci, A., (2015). "Finansal bulaşıcılık çerçevesinde küresel kriz ve Türkiye'ye etkileri", Sakarya İktisat Dergisi, Cilt.4, Sayı:1, 1-30
  • Verikios, G., McCaw, J. M., McVernon, J., and Harris, A. H. (2012). H1N1 influenza and the Australian macroeconomy. Journal of the Asia Pacific Economy, 17(1), 22-51.
  • Wang, Y. H., Yang, F. J., and Chen, L. J. (2013). An investor's perspective on infectious diseases and their influence on market behavior. Journal of Business Economics and Management, 14(sup1), S112-S127.
  • Worldometers, URL: https://www.worldometers.info/coronavirus (2020)
  • Zeren, F., and Hızarcı, A. The Impact Of Covıd-19 Coronavırus On Stock Markets: Evıdence From Selected Countrıes. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme, İşletme Finans
Bölüm Articles
Yazarlar

Caner OZDURAK Bu kişi benim (Sorumlu Yazar)
YEDITEPE UNIVERSITY
0000-0003-0793-7480
Türkiye


Gulsah ALCAN Bu kişi benim
YEDITEPE UNIVERSITY
0000-0002-9397-1361
Türkiye


Serap Dursun GUVENBAS
TRAKYA UNIVERSITY
0000-0001-8683-0854
Türkiye

Yayımlanma Tarihi 30 Haziran 2020
Yayınlandığı Sayı Yıl 2020, Cilt 9, Sayı 2

Kaynak Göster

APA Ozdurak, C. , Alcan, G. & Guvenbas, S. D. (2020). THE IMPACT OF COVID-19 TO GLOBAL PHARMACEUTICALS AND BIOTECHNOLOGY COMPANY STOCKS RETURNS . Journal of Business Economics and Finance , 9 (2) , 68-79 . DOI: 10.17261/Pressacademia.2020.1215

Journal of Business, Economics and Finance (JBEF) is a scientific, academic, double blind peer-reviewed, quarterly and open-access journal. The publication language is English. The journal publishes four issues a year. The issuing months are March, June, September and December. The journal aims to provide a research source for all practitioners, policy makers and researchers working in the areas of business, economics and finance. The Editor of JBEF invites all manuscripts that that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JBEF charges no submission or publication fee.



Ethics Policy - JBEF applies the standards of Committee on Publication Ethics (COPE). JBEF is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract, method).


Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.