CVS健康公司宣布停止销售烟草对股价的影响:使用合成控制的比较案例研究

Q3 Economics, Econometrics and Finance

Forum for Health Economics and Policy Pub Date : 2017-06-27 DOI:10.1515/fhep-2015-0045

M. Andersen, Sebastian Bauhoff

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引用次数: 2

摘要

摘要:我们研究了美国大型连锁药店CVS Health宣布停止销售烟草产品对其股价及其密切竞争对手以及主要烟草公司的影响。结合事件研究和综合控制方法，我们将CVS的股票市场估值与标准普尔S&P 500股票市场指数中大型上市公司组成的同行组进行比较。CVS的公告与其股价的短期下跌有关，而与其接近的竞争对手则从CVS的决定中受益。我们还发现美国最大的国内烟草公司奥驰亚(Altria)的股价存在负效应。总体而言，我们的研究结果与市场预期消费者在短期内从CVS转向其他商店的观点是一致的，并将CVS放弃烟草产品的决定解释为其他公司可能效仿的信号。

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The Share Price Effect of CVS Health’s Announcement to Stop Selling Tobacco: A Comparative Case Study Using Synthetic Controls

Abstract We study how the announcement by CVS Health, a large US-based pharmacy chain, to stop selling tobacco products affected its share price and that of its close competitors, as well as major tobacco companies. Combining event study and synthetic control methodologies we compare measures of CVS’s stock market valuation with those of a peer group consisting of large publicly listed firms that are part of Standard & Poor’s S&P 500 stock market index. CVS’s announcement is associated with a short-term decrease in its share price, whereas close competitors have benefitted from CVS’ decision. We also find a negative share price effect for Altria, the largest US domestic tobacco firm. Overall our findings are consistent with markets expecting consumers to shift from CVS to alternative outlets in the short-run, and interpreting CVS’ decision to drop tobacco products as signal that other firms may follow suit.

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来源期刊

Forum for Health Economics and Policy Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)

CiteScore

1.60

自引率

0.00%

发文量

期刊介绍： Forum for Health Economics & Policy (FHEP) showcases articles in key substantive areas that lie at the intersection of health economics and health policy. The journal uses an innovative structure of forums to promote discourse on the most pressing and timely subjects in health economics and health policy, such as biomedical research and the economy, and aging and medical care costs. Forums are chosen by the Editorial Board to reflect topics where additional research is needed by economists and where the field is advancing rapidly. The journal is edited by Katherine Baicker, David Cutler and Alan Garber of Harvard University, Jay Bhattacharya of Stanford University, Dana Goldman of the University of Southern California and RAND Corporation, Neeraj Sood of the University of Southern California, Anup Malani and Tomas Philipson of University of Chicago, Pinar Karaca Mandic of the　University of Minnesota, and John Romley of the University of Southern California. FHEP is sponsored by the Schaeffer Center for Health Policy and Economics at the University of Southern California. A subscription to the journal also includes the proceedings from the National Bureau of Economic Research''s annual Frontiers in Health Policy Research Conference. Topics: Economics, Political economics, Biomedical research and the economy, Aging and medical care costs, Nursing, Cancer studies, Medical treatment, Others related.