The Price and Volume Effects of Web Search COVID-19 on the Biotechnology Industry

Abstract

<p>本文試圖探討新冠肺炎的網路搜索熱度是否會對生技產業產生衝擊，以臺灣所有上市生技公司為研究對象，樣本期間為2020年至2021年，使用Google趨勢所產生的Google搜尋量指標來衡量網絡搜尋熱度，首先研究臺灣新冠肺炎病例數是否會對生技產業的交易量產生影響，實證結果顯示臺灣新冠肺炎病例數並未對生技產業產生顯著關係，為進一步瞭解病例數對生技產業的關係，本文將臺灣新冠肺炎病例數細分為本土病例與境外移入病例深入探討，實證結果仍然顯示並不顯著，意謂臺灣新冠肺炎病例數並未能對生技產業的交易量產生影響，接著探討新冠肺炎的Google搜尋量指數(SVI)與生技產業交易量與報酬率之關係，實證結果發現，SVI與生技產業的交易量和報酬率呈現顯著關係，意謂Google搜尋量會預先於生技產業的交易量與報酬率發生變化。</p> <p> </p><p>This paper discusses whether the popularity of web search COVID-19 could have an impact on the biotechnology industry. Using a sample of all listed biotechnology companies in Taiwan between 2020 and 2021, and measuring the popularity of web search by Google search volume index that generated by Google Trends. Firstly, researching whether the number of COVID-19 cases in Taiwan will have an impact on the trading volume of the biotech industry. The evidence shows that the number of COVID-19 cases in Taiwan does not have a significant relationship to the biotechnology industry. To further understand the relationship between the number of cases and the biotechnology industry, this paper subdivides the number of COVID-19 cases in Taiwan into domestic cases and imported cases, and the evidence still shows that they are insignificant. It implies that the number of COVID-19 cases in Taiwan won’t have an impact on the trading volume of the biotechnology industry. Secondly, this paper discusses the relationship between Google Search Volume Index (SVI) of COVID-19 and the trading volume and rate of return of the biotechnology industry, and the empirical results found that SVI has a significant relationship with the trading volume and rate of return of the biotechnology industry. It implies that Google search volume will change in advance of the trading volume and rate of return of the biotechnology industry.</p> <p> </p>