US biopharmaceutical companies' stock market reaction to the COVID-19 pandemic. Understanding the concept of the ‘paradoxical spiral’ from a sustainability perspective
研究了美国两家率先开发mRNA新冠疫苗的生物制药公司（辉瑞和Moderna）在疫情前后的股市反应，发现市场波动和投资者情绪对它们的影响不同，且疫情期间存在传染效应。
In an uncertain and finite world, actions towards the development of a green economy are attracting wider support. The damaging anthropogenic impact on earth systems is leading humanity to devastating situations, jeopardizing its very survival. A new world scenario has emerged with COVID-19, where the biopharmaceutical sector has arisen as a powerful effective solution for the health, economic and social crisis derived from the pandemic. This research aims to study the stock market reaction of the two US biopharmaceutical companies that first developed messenger RNA vaccines against COVID-19 (Pfizer and Moderna), considering two time periods, before and during COVID. In the analysis, the influence of the technological market index, market volatility, and investor sentiment are also considered. The results show an unequal influence of market volatility and market sentiment on the returns of both companies, as well as a different volatility behaviour. Furthermore, a contagion effect is observed during the COVID period between both companies and the technological market. The study's findings provide investors, organizations, policy-makers and society with useful information for the design of policies and strategies that ultimately are called to ensure sustainable growth for future generations.