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The Effect of COVID-19 on Stock Prices of the Biotech Sector in Taiwan ROC

International Journal of Banking, Risk and Insurance

Volume 10 Issue 1

Published: 2022
Author(s) Name: Yu-Cheng Lai | Author(s) Affiliation: Department of Finance, Shih Chien University, Kaohsiung Campus, Taiwan.
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Abstract

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This study discusses the impact of COVID-19 on the biotech industry vs. TSEC Taiwan 50 Components stocks. We found that the price of stocks in the biotech sector in Taiwan increased due to the COVID-19 pandemic. The financial leverage ratio did not significantly affect the stock price of biotech companies during the COVID-19 pandemic. The number of confirmed diagnosed cases in Taiwan decreases the stock price of biotech companies, for high ROA. In contrast, the number of confirmed diagnosed cases in Taiwan increases the stock price of biotech companies, for high ROE. Investors have more confidence in the biotech firms with shareholder returns during the COVID-19 pandemic.

Keywords: COVID-19, ROA, ROE, Biotech

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