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TITLE:
The short-run response of IBEX-35 to the WHO declaration of COVID-19 as a pandemic: An event-study analysis - TFG:4564

Student:Castrejón Moreno, Daniel
Language:en
Title in original language:The short-run response of IBEX-35 to the WHO declaration of COVID-19 as a pandemic: An event-study analysis
Title in different languages:La respuesta a corto plazo del IBEX-35 ante el anuncio de la OMS de declarar la COVID-19 como pandemia: un análisis de estudio de sucesos.
Keywords:event study, COVID-19, IBEX-35
Subject:IBEX 35
Abstract:This final thesis researches the short-term effect of the World Health Organization announcement of declaring COVID-19 as a pandemic on the Spanish stock market. The event study methodology is applied to all the 35 companies that compose the IBEX-35. From this analysis, abnormal returns are calculated days before and after the announcement to observe the response. The empirical results suggest that most stocks in the Spanish stock market have been notably affected by the event, as the abnormal returns during the event window display. Nevertheless, it is important to highlight that a different tendency was observed among the data sample, as some companies benefited while others were negatively affected. The main reason of that is the different effect produced on the economic activities by the restrictions imposed to avoid the spread of the pandemic. Travel limitations or social distancing clearly affected companies that operate in sector such as Real Estate or Transportation and distribution. On the other side, Pharmaceuticals and Biotechnology companies benefited from the situation. In general, the IBEX-35 clearly exhibited a significant response to the WHO pandemic declaration, as the abnormal returns of most companies show. In terms of industries, different groups were found to have different reactions from the event.
Project director:Li, Xiaoni
Department:Gestió d'Empreses
Education area(s):Finances i Comptabilitat
Entity:Universitat Rovira i Virgili (URV)
TFG credits:6
Creation date in repository:2022-05-22
Work's public defense date:2021-07-05
Academic year:2020-2021
Confidenciality:No
Subject areas:Economic and business sciences
Access rights:info:eu-repo/semantics/openAccess
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