Abstract
The following paper analyses the comprehensive impact of COVID-19 as a pandemic on the pharmaceutical sector, by analyzing the effect on indices of 3 countries that were similarly hit. The various indices selected move based on the underlying stocks giving a comprehensive view on the pharma sectors of India, U.S. and U.K. The general assumption would be that the pharmaceutical sector would react to favourable news. However, this is not what we inferred for the countries we researched on for each announcement. The news events taken into consideration include WHO announcing COVID-19 as a pandemic, Oxford University announcing the resuming of trials and the last is the comprehensive effect of the two aforementioned news announcements. The data collected is based on 30 market days before and after the news announcements ranging from 28th January 2020 to 26th October 2020 for the 3 pharma indices respectively. Paired t-test and ANOVA are used to analyze the impact of announcement and degree of variance between the countries for each announcement considered. The various indices of impacted countries showed different reactions to the announcements. None of the countries showed any significant similarity among themselves with respect to the indices.
Published Version
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