| 英文摘要 |
This study analyzes the impact of COVID-19 on the stock market during 2019–2020 using an event study methodology on 446 S&P 500 firms. Abnormal returns are calculated to capture stock price reactions before and after the COVID-19 outbreak across three event windows. The results show that COVID-19 had heterogeneous effects on stock returns: the impact was most severe in periods close to the event day and tended to diminish over longer-term windows. Industry-level analysis indicates that Mining, Manufacturing, and Retail Trade experienced positive abnormal returns over 252-day horizons. |
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