Analysis of the impact of the COVID-19 pandemic on the quotes of pharmaceutical companies listed in the NYSE index

ABSTRACT

This paper aims to analyse the financial impacts of the COVID-19 pandemic on the pharmaceutical companies listed in the New York Stock Exchange (NYSE) index. The event study methodology is applied to a sample of 50 companies that comprise the pharmaceutical sector of the NYSE. The results present evidence in favour of the efficiency of this financial market, thus confirming that behind all great historical phenomena lies a financial effect;it was possible to demonstrate that the market returns of pharmaceutical companies showed a positive return in the WHO reports on COVID-19.