ABSTRACT

By exploiting the lockdown of Wuhan on January 23, 2020, during the COVID-19 pandemic and the disclosure of public firms’ top five suppliers, we examine the impact of a supply chain disruption on stock returns. Our findings suggest that firms with major suppliers in Wuhan experience significantly worse cumulative abnormal returns than those whose suppliers are not located in Wuhan. The results are robust to alternative estimation methods, event windows, and supply chain disruption metrics. Our findings suggest that supply chain disruption contributes to negative stock returns and highlight the importance of supply chain disruption on firm value.

摘要

通过利用 2020 年 1 月 23 日 COVID-19 大流行期间武汉的封锁以及上市公司前五名供应商的披露，我们研究了供应链中断对股票回报的影响。我们的研究结果表明，主要供应商位于武汉的公司的累计异常收益明显低于供应商不在武汉的公司。结果对于替代估计方法、事件窗口和供应链中断指标来说是稳健的。我们的研究结果表明，供应链中断会导致股票负回报，并强调供应链中断对公司价值的重要性。