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.
Behera, Chinmaya and Rath, Badri Narayan
"THE COVID-19 PANDEMIC AND INDIAN PHARMACEUTICAL COMPANIES: AN EVENT STUDY ANALYSIS,"
Bulletin of Monetary Economics and Banking: Vol. 24:
0, Article 5.
Available at: https://bulletin.bmeb-bi.org/bmeb/vol24/iss0/5