【英文摘要】
This article discussed the impact of COVID-19 pandemic on four industries including the biotechnology and medical care industry, tourism industry, computer and peripheral equipment industry, and shipping and transportation industry. First, the event study method was used to analyze the cumulative average abnormal returns under different event windows surrounding the event day. The event day was January 15, 2020 which the Ministry of Health and Welfare declared that COVID-19 was included in the fifth category of notifiable infectious disease. The results showed that the OTC listed stocks of computer and peripheral equipment industry and exchange listed stocks of shipping and transportation industry have significant negative cumulative average abnormal returns (CAAR) under all the event windows. The stocks of exchange listed biotechnology and medical industry have significant negative CAAR before the event day, but the stocks of exchange (OTC) listed stocks have significant negative CAAR after the event day.
Next, the impacts of sentiment indicators of word-of-mouth on the index returns of industries were examined by regression models during the times of COVID-19. The results found that positive sentiment, positive-to-negative sentiment ratio, and total voice volume have significant positive impacts on the index returns of OTC listed biotechnology and medical industry. Positive sentiment and total voice volume have significant positive impacts on the index returns of exchange listed shipping and transportation industry. However, sentiment indicators do not have significant impact on the index returns of exchange listed biotechnology and medical industry, exchange (OTC) listed tourism industry, exchange (OTC) listed computer and peripheral equipment industry.
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