Abstract

Covid-19 pandemic is affecting the health of the public, and it is also impacting business and economy. The main objective of this paper is to investigate the impact of Covid-19 pandemic on listed firms’ performance and the abnormal stock returns in Vietnam. To study the impact of Covid-19 on firms’ performance, we collected data about announced earnings on Q1/2020 and Q4/2019 of 714 enterprises and made comparison. The results revealed the enormous impacts of Covid-19 pandemic on the business performance. However, the level of influence varies among sectors. To study the impact of Covid-19 on the abnormal stock returns, the study employed the event research method with 3 events related to Covid-19 pandemic in Vietnam. A sample of 364 companies listed on Ho Chi Minh Stock Exchange (HOSE) was utilized. The findings revealed that the Covid-19 event affects the abnormal returns of stocks and the level of influence varied from each stage of Covid-19 prevention measure in Vietnam. The degrees of influence of the Covid-19 event on each stock were also different. The paper concluded that Covid-19 pandemic information can be used to predict stocks’ prices.

摘要

Covid-19 大流行正在影响公众的健康，同时也在影响商业和经济。本文的主要目的是调查 Covid-19 大流行对越南上市公司业绩和异常股票回报的影响。为了研究 Covid-19 对公司业绩的影响，我们收集了 714 家企业 2020 年第一季度和 2019 年第四季度公布的收益数据并进行了比较。结果揭示了 Covid-19 大流行对业务绩效的巨大影响。然而，影响程度因行业而异。为了研究 Covid-19 对异常股票收益的影响，该研究采用了事件研究方法，其中包含 3 个与越南 Covid-19 大流行相关的事件。使用了在胡志明证券交易所 (HOSE) 上市的 364 家公司的样本。调查结果显示，Covid-19 事件影响股票的异常回报，其影响程度因越南 Covid-19 预防措施的各个阶段而异。Covid-19事件对每只股票的影响程度也不同。该论文得出结论，Covid-19 大流行信息可用于预测股票价格。