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STOCK MARKET RESPONSE TO PFIZER AND BIONTECH’S SUCCESSFUL VACCINE DEVELOPMENT ANNOUNCEMENT: AN EVENT STUDY ANALYSIS IN THAILAND |
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| รหัสดีโอไอ | |
| Creator | Chutipond PRABHONG |
| Title | STOCK MARKET RESPONSE TO PFIZER AND BIONTECH’S SUCCESSFUL VACCINE DEVELOPMENT ANNOUNCEMENT: AN EVENT STUDY ANALYSIS IN THAILAND |
| Contributor | Surang HENSAWANG |
| Publisher | Asian Administration and Management Review |
| Publication Year | 2567 |
| Journal Title | Asian Administration and Management Review |
| Journal Vol. | 7 |
| Journal No. | 2 |
| Page no. | 76–89 |
| Keyword | CAAR, Pfizer, BioNTech, Vaccine Development Announcement, Sector Index |
| URL Website | https://so01.tci-thaijo.org/index.php/AAMR |
| Website title | https://so01.tci-thaijo.org/index.php/AAMR/article/view/274934 |
| ISSN | 2730-3683 |
| Abstract | This study investigates the stock market in Thailand in response to Pfizer and BioNTech's announcement of successful vaccine development in phase III. The event study methodology analyzes such responses through cumulative abnormal returns of 28 sector indices. The result showed that the overall CAAR experienced significant cumulative abnormal returns during the announcement period. Agribusiness and personal care and pharmaceutical sector indices were found to be significantly negative. In contrast, property development, automobile, and healthcare service sector indices were significantly positive. In addition, cumulative abnormal returns exhibited insignificance for the post-announcement period. It is suggested that investors cannot make an abnormal return consistently because the market adjusted to its balances. |
