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How does COVID-19 Affect the Stock Market in Norway? An Event Study Comparing the Norwegian Stock Market to the Stock Markets in Sweden and Denmark

Erland, Marie; Kaiser, Maria Holm
Master thesis
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Erland_Marie-Kaiser_MariaHolm.pdf (2.085Mb)
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https://hdl.handle.net/11250/2823218
Utgivelsesdato
2021
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  • SAM - Master i Økonomi og administrasjon – siviløkonom [308]
Sammendrag
The outbreak of COVID-19 weakened the world economy and the overall stock market

crashed. The purpose of this thesis was to examine how the stock market reacted to key

events during the COVID-19 pandemic. The first event was the first confirmed COVID-19

case in Norway on February 26, 2020, the second event was WHO declaring COVID-19 a

pandemic on March 11, 2020, and the third event was the Norwegian government’s press

conference regarding the second COVID-19 wave on October 23, 2020. Our main focus was

to investigate Oslo Stock Exchange, but we also compared Norway to Sweden and

Denmark. In addition to this, we also analyzed if any firm-specific factors affected the return.

We conducted an event study methodology to measure abnormal returns. Then we

regressed these abnormal returns from one of the events to analyze the causes.

First, our results show that the stock market in Norway was negatively affected by COVID-

19. Second, we found that the day that WHO declared COVID-19 as a pandemic had the

most impact on the stock markets out of the three events, and Norway was more negatively

affected than Sweden and Denmark. Third, our additional study show that trading volume was

the factor that had the most impact on the return. Profitability and firm size were also

influential factors, but not to the same extent. Lastly, the health care sector was hit the

hardest, followed by the financials and energy sectors. Industrials and consumer staples

were the least negatively affected.
Utgiver
OsloMet – Oslo Metropolitan University

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