This study applies volume of social
network activity to examine whether positive or negative social network volume
relating to coronavirus (COVID-19) can stimulate stock performance. It also
examines whether a professional manager with abundant cash holdings can buffer
against an outbreak of COVID-19. The empirical evidence indicates that social network
volume can impact stock performance, and firms operated by a professional
manager with abundant cash holdings can buffer against an outbreak of COVID-19.
This study offers a different perspective on the effect of an epidemic on the
economy and risk avoidance strategies regarding similar epidemics in the
JEL classification numbers: G11, G14, I10, I18.
Keywords: Coronavirus Disease (COVID-19), Social Network; Stock
Returns, Tourism Sector.