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Impacts of Infectious Disease Outbreaks on Firm Performance and Risk: The Forest Industries during the COVID-19 Pandemic
Journal of Risk and Financial Management Pub Date : 2021-07-12 , DOI: 10.3390/jrfm14070318
Ståle Størdal , Gudbrand Lien , Erik Trømborg

We examine the financial performance of the forest products industry in the initial phase of the COVID-19 pandemic, employing data for publicly trading companies in the industry globally. We first examine the market investor reaction to the declaration of a pandemic by the World Health Organization (WHO) in March 2020 by conducting an event-study analysis. Then, we analyze medium-term changes in stock returns and their systematic risk by an econometric estimation of the capital asset pricing model. Our event-study analysis of the forest products industry shows that the forestry subsector was impacted more than the paper subsector when the WHO declared the pandemic. The effect was most prominent in North America. We find that the systematic risk for the forestry subsector tended to increase during 2020, until October. Again, this effect was most clear in North America. Conversely, the impact on the paper subsector was more stable.

中文翻译:

传染病爆发对企业绩效和风险的影响:COVID-19 大流行期间的森林工业

我们使用全球该行业公开交易公司的数据,研究了 COVID-19 大流行初期林产品行业的财务表现。我们首先通过事件研究分析来检查市场投资者对世界卫生组织 (WHO) 于 2020 年 3 月宣布大流行的反应。然后,我们通过资本资产定价模型的计量经济学估计来分析股票收益的中期变化及其系统风险。我们对林产品行业的事件研究分析表明,当世卫组织宣布大流行时,林业子行业比造纸子行业受到的影响更大。这种影响在北美最为突出。我们发现林业子行业的系统性风险在 2020 年至 10 月期间趋于增加。再次,这种影响在北美最为明显。相反,对造纸子行业的影响更为稳定。
更新日期:2021-07-12
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