This study examines how appointing a chief health officer (CHO) at the corporate-board level during the COVID-19 outbreak affects the stock returns of US firms. As the COVID-19 progressed, the negative abnormal return (CAR) is −7.5%. In contrast, shares of firms that had appointed a CHO before or during the window surrounding the date of the first reported COVID-19 case (the WHO declaration) exhibited positive CAR of ＋6.29% (＋0.136%). CARs surrounding the exact CHO appointment date once the COVID-19 had already broken out the effect was even stronger, ＋6.91%. Size, leverage, growth, and R&D intensity influence significantly returns during the outbreak.

本研究调查了在 COVID-19 爆发期间在公司董事会层面任命首席卫生官 (CHO) 如何影响美国公司的股票回报。随着 COVID-19 的发展，负异常回报 (CAR) 为 -7.5%。相比之下，在第一个报告的 COVID-19 病例（世卫组织声明）的日期之前或期间任命了 CHO 的公司的份额表现出 +6.29%（+0.136%）的阳性 CAR。一旦 COVID-19 爆发，围绕确切 CHO 预约日期的 CAR 效果甚至更强，+6.91%。在疫情爆发期间，规模、杠杆、增长和研发强度影响显着回报。