1.
Int Rev Financ Anal
; 76: 101656, 2021 Jul.
Artículo
en Inglés
| MEDLINE
| ID: mdl-36569818
RESUMEN
We examine the U.S. stock market reaction to the World Health Organization's announcement declaring COVID-19 a global health emergency, with a focus on firms' international exposure. We find that while international exposure through foreign sales, foreign assets, imports and exports are significant and negatively associated with standardized cumulative abnormal returns in the short-run, the effect reverses in the long-run. In the long-run, internationalization contributes to multinational firms being more resilient to economic shocks caused by COVID-19.