ArticleEconomic analysis and policy2021
New evidence on COVID-19 and firm performance.
Article in Economic analysis and policy, 2021. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 8 papers.
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The abstract states no effect estimate the extractor could read, or names no intervention and outcome on the map, so this paper lights no cell and moves no belief. It is still indexed, cited and linked below.
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Who cites it
8 citing papers in PubMed.
- Beyond digital twins: the role of foundation models in enhancing the interpretability of multiomics modalities in precision medicine.FEBS open bio · 2025Review
- Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context.Heliyon · 2023Article
- The role of political connections in bad times: Evidence from the COVID-19 pandemic.Economics letters · 2023Article
- The impact of COVID-19 on firm risk and performance in MENA countries: Does national governance quality matter?PloS one · 2023Article
- The influence of different levels of physical activity and sports performance on the accuracy of dynamic lower limbs balance assessment among Chinese physical education college students.Frontiers in physiology · 2023Article
- Are private equity and venture capital helping small and medium-sized enterprises during the COVID-19 pandemic? Evidence from China.Economic analysis and policy · 2022Article
- ESG performance and stock prices: evidence from the COVID-19 outbreak in China.Humanities & social sciences communications · 2022Article
- COVID-19 Pandemic and firm-level dynamics in the USA, UK, Europe, and Japan.International review of financial analysis · 2021Article
Corrections and comments
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Authors and funding
3 authors.
Funding
No grant is acknowledged in the PubMed record.
Abstract
The Chinese equity market plummeted and was roiled in crisis with the rapid spread of COVID-19 in the first quarter of 2020, but it also exhibits great resilience when the pandemic is gradually under control in China. In this study, we try to quantify the influence of regional COVID-19 outbreaks in 31 provinces on the stock returns of local listed firms by using a difference-in-difference framework. To our limited knowledge, we are the first to study provincial equity market performance during the spread of COVID-19. We show that when there is a COVID-19 outbreak in a province, treated firms first underperform by daily lower returns of 0.54% but abruptly regain their value by daily higher returns of 0.76%. Even though strict lockdown restrictions deteriorate economic prosperity, negative effects on firm values are only temporary in a maximum 20-trading-day window. Our results are also robust when subsamples of provinces and companies are considered.
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Registered trials
Read under generation 80e0d062 · epoch 390. Bibliography from PubMed, PubMed Central and OpenAlex; grants from NIH RePORTER; trial links from ClinicalTrials.gov; estimates, votes and beliefs from the OpenQuestion graph.