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Do Markets Price CEOs Health Hazards? Evidence from the COVID-19 Pandemic

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dc.contributor.authorGómez, Juan Pedro
dc.contributor.authorMironov, Maxim
dc.contributor.funderMinisterio de Ciencia, Innovación y Universidades
dc.contributor.funderAgencia Estatal de Investigación
dc.contributor.funderEuropean Regional Development Fund
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2024-10-22T12:16:19Z
dc.date.available2024-10-22T12:16:19Z
dc.date.issued2023-01-20
dc.description.abstractWe find evidence that markets anticipate the potential loss of firm value in the event of the CEO falling sick and eventually dying of COVID-19 in a sample of almost 3000 listed firms from across 137 regions in 10 European countries. First, we use soccer games as “super-spreader” events. The instrumented number of infected cases per capita in the region where company headquarters are located predicts a significant drop in stock returns during March and April 2020 for firms managed by CEOs with a higher probability of dying from COVID-19. Second, we show that the stock price of these firms increases significantly the day on which positive news on the development of COVID-19 vaccines are released in the market.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationGómez, J. P., & Mironov, M. (2022). Do Markets Price CEOs Health Hazards? Evidence from the COVID-19 Pandemic. The Quarterly Journal of Finance, 12(04), 2250015. https://doi.org/10.1142/S201013922250015X
dc.identifier.doihttps://doi.org/10.1142/S201013922250015X
dc.identifier.issn2010-1406
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3289
dc.issue.number04
dc.journal.titleThe Quarterly Journal of Finance
dc.language.isoen
dc.page.total52
dc.publisherWorld Scientific
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.projectIDPGC2018-101745-A-I00
dc.relation.projectIDPID2021-125359NB-I00.
dc.relation.schoolIE Business School
dc.rightsAttribution 4,0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subject.keywordCOVID-19
dc.subject.keywordCEO value
dc.subject.keywordSoccer
dc.subject.keywordStocks returns
dc.subject.keywordSuper-spreader
dc.subject.keywordVaccines
dc.subject.keywordMarket Efficency
dc.titleDo Markets Price CEOs Health Hazards? Evidence from the COVID-19 Pandemic
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/acceptedVersion
dc.volume.number12
dspace.entity.typePublication
relation.isAuthorOfPublication4c2d4d21-bbf8-4935-96bc-6475146ceea7
relation.isAuthorOfPublication0bc83c87-23fa-465d-b947-ccdf85a89034
relation.isAuthorOfPublication.latestForDiscovery4c2d4d21-bbf8-4935-96bc-6475146ceea7
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