IMPACT OF COVID-19 PANDEMIC ON THE STOCK PRICES OF THE NYSE-LISTED PHARMACEUTICAL COMPANIES
Author(s):
Kai Hu
This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
Abstract
The global spread of the epidemic has affected a wide range of industries. The number of COVID-19 infections has continued to increase over the past year, while the stock prices of pharmaceutical companies have shown exponential growth. This paper conducts a regression analysis based on data of the number of monthly COVID-19 infections in New York State and government spending on COVID-19 vaccines. Does the number of COVID-19 infections affect pharmaceutical companies’ stock prices of pharmaceutical companies? The analysis results confirmed that: an increase in total domestic spending on healthcare services is associated with higher stock prices of pharmaceutical companies listed on the New York Stock Exchange (NYSE).
KEYWORDS:
Stock Prices, Pharmaceutical Companies, COVID-19, Healthcare Services