The spread of Coronavirus Disease 2019 significantly influenced the global economy. Companies from the health care industry could emerge as potential winners in health crises, and their listed stocks could potentially outperform. For the first time in the English and German language literatures, this study investigates whether this occurred and which factors influenced the short-term stock price performance of companies from the health care industry during epidemics and pandemics. An event study of virus-related epidemics and pandemics from 2000 to 2020 was conducted. The results show that the stocks of companies from the health care industry tend to outperform the market during pandemics. The selection of the subindustry in the health care industry and the region of the stock markets significantly influenced abnormal returns. The results are especially relevant for investors seeking short-term trading opportunities but also provide implications for diversifying their portfolios during epidemics and pandemics.

2019年冠状病毒病的传播对全球经济产生了重大影响。医疗保健行业的公司可能成为健康危机中的潜在赢家，其上市股票也可能跑赢大盘。这项研究首次在英语和德语文献中调查了这种情况是否发生，以及哪些因素影响了流行病和大流行期间医疗保健行业公司的短期股价表现。对 2000 年至 2020 年与病毒相关的流行病和大流行进行了事件研究。结果显示，在大流行期间，医疗保健行业公司的股票往往跑赢大盘。医疗保健行业子行业选择和股票市场区域对超常收益影响显着。