Which Firm-specific Characteristics Affect the Market Reaction of Chinese Listed Companies to the COVID-19 Pandemic?

By Hao Xiong, Zuofeng Wu, Fei Hou, Jun Zhang. Emerging markets finance & trade, 2020

151 citations recorded by the source corpus.

ABSTRACT This paper investigates market reaction to the novel corona virus (COVID-19) pandemic. Using a sample of Chinese listed firms, we find that market reaction to the COVID-19 outbreak is more intense in firms within the industries that are vulnerable to the virus, and those with high institutional investors. Furthermore, firms with larger scale, better profitability and growth opportunity, higher combined leverage, and less fixed assets experience less adverse impact of the COVID-19 outbreak than other firms.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/a1a98bddfa96fa54907384721a4ed459e5d8ad76

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Citations in the corpus

• Did Bubble Activity Intensify During COVID-19? (2020, unknown): “…& Monge, 2020; Gu et al., 2020; Haroon & Rizvi, 2020a, 2020b; Huang & Zheng, 2020; Iyke, 2020a, 2020b; Liu et al., 2020; Narayan, 2020; Qin et al., 2020; A. Salisu & Adediran, 2020; A.A. Salisu et al., 2020; Afees A. Salisu & Vo, 2020; Xiong et al., 2020; Zaremba et al., 2020; Zhang et al., 2020).”
• To what extent does COVID-19 drive stock market volatility? A comparison between the U.S. and China (2021, background): “However, although He et al. (2020), Huo and Qiu (2020), and Xiong et al. (2020) all provided evidence that China has implemented a very strict household segregation policy, which negatively impacted the Chinese stock market, the impact was far less severe than that on the U.S. stock market.”
• A Note on the Asian Market Volatility During the COVID-19 Pandemic (2020, unknown): “…global economies; see, for instance, Mishra et al. (2020), Salisu & Akanni (2020), Chen et al. (2020), Wang et al. (2020), Yue et al. (2020), Yu et al. (2020), Xiong et al. (2020), Shen et al. (2020), Gu et al. (2020), Haroon & Rizvi (2020), Iyke (2020), He et al. (2020), and Liu et al. (2020).”