Abstract
ABSTRACT This paper examines the performance of industries in the trade network in international stock markets during the onset of COVID-19. In general, the value of all industries in G20 countries declines significantly in the pandemic. Stock returns of industries in the central positions of global value chains exhibit remarkable resilience despite the economic hardship caused by COVID-19. This pattern is more pronounced when the disruptions caused by social distancing requirements are considered. We postulate that this is related to the essential services provided by the central industries.
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