Comportamento das ações das empresas do setor de saúde: estudo de eventos do início e do agravamento da pandemia

Abstract

The relevance of the private healthcare sector, its expansion, and its concentration, especially in the period of the pandemic, brings new opportunities and challenges to stakeholders' decisions. In this sense, this study aims to analyze whether the disclosure of the first case of Covid-19 in Brazil (February 26, 2020) and the crisis arising from the lack of oxygen in Manaus (January 14, 2021), influenced the stock price returns of healthcare companies. We use the technique of event studies to measure the normal and unexpected returns, considering the events of five days of stock negotiations by B3 and Ibovespa as the market parameter. The research techniques used were quantitative, descriptive, and documentary, with a sample composed of twelve companies, representing each of the subsectors. The results of the first study show that both health subsectors and the market had negative returns, with abnormal returns indicating worse performance for the subsectors. In the second event, both normal and abnormal returns suggested that the disclosure of the oxygen crisis affected less the decision to sell stocks. This research brings theoretical and practical contributions by showing stakeholders that the disclosures of the two events influenced the stock price returns, but not in a statistically significant way, suggesting that the price volatility followed the market.