RT Journal Article
T1 US biopharmaceutical companies' stock market reaction to the COVID-19 pandemic. Understanding the concept of the ‘paradoxical spiral’ from a sustainability perspective
A1 Piñeiro Chousa, Juan Ramón
A1 López Cabarcos, María Ángeles
A1 Quiñoá-Piñeiro, Lara
A1 Pérez Pico, Ada María
K1 Sustainability
K1 Green economy
K1 Biopharmaceutical companies
K1 Volatility
K1 Market sentiment
K1 COVID-19
AB In an uncertain and finite world, actions towards the development of a green economy are attracting wider support. The damaging anthropogenic impact on earth systems is leading humanity to devastating situations, jeopardizing its very survival. A new world scenario has emerged with COVID-19, where the biopharmaceutical sector has arisen as a powerful effective solution for the health, economic and social crisis derived from the pandemic. This research aims to study the stock market reaction of the two US biopharmaceutical companies that first developed messenger RNA vaccines against COVID-19 (Pfizer and Moderna), considering two time periods, before and during COVID. In the analysis, the influence of the technological market index, market volatility, and investor sentiment are also considered. The results show an unequal influence of market volatility and market sentiment on the returns of both companies, as well as a different volatility behaviour. Furthermore, a contagion effect is observed during the COVID period between both companies and the technological market. The study's findings provide investors, organizations, policy-makers and society with useful information for the design of policies and strategies that ultimately are called to ensure sustainable growth for future generations.
PB Elsevier
YR 2022
FD 2022
LK http://hdl.handle.net/10347/34940
UL http://hdl.handle.net/10347/34940
LA eng
NO Technological Forecasting and Social Change Volume 175 , February 2022, 121365
DS Minerva
RD 30 abr 2026