Information Technology

1. Interest rates

https://themalaysianreserve.com/2021/01/22/tech-stocks-boom-continues-in-2021/

https://www.theedgemarkets.com/article/money-being-shovelled-tech-stocks

https://www.investors.com/news/technology/tech-stocks-hit-it-big-as-covid-sparked-digital-shift-
continues-with-no-end-in-sight/

https://www.businesstimes.com.sg/technology/here-is-how-the-worlds-chip-shortage-is-playing-out-
for-stocks

https://www.cnbc.com/2021/03/05/why-this-rate-driven-sell-off-is-hitting-tech-stocks-the-hardest.html

https://www.linkedin.com/pulse/time-get-out-tech-stocks-so-what-returns-pension-alpesh-patel-obe

https://www.abc.net.au/news/2021-02-23/interest-rates-and-shares-cryptocurrencies/13183472

Health Care

1. Clinical-trial data

Clinical-trial data will greatly affect the health care industry and the surprises in regard to the result of
outcome of the data will affect the stock price of health care companies tremendously (Investopedia,
2019). According to Hwang TJ (2013), positive surprises or better than expected clinical-trial results of
investigational compounds will cause stock prices of biopharmaceutical companies to appreciate, while
negative surprises will have the opposite effect. The research study by Hwang TJ (2013) also found out
that stock return underperformance due to negative events is greater in magnitude and persist longer
than abnormal returns due to positive events. When researchers of health care companies discovered
new treatments like a new drug or medical devices that is safe and effective in people through clinical
trials, investors will start to have expectations and will thereby invest in these companies which will
possibly drives the share price up.

Stock return underperformance due to

negative events is greater in
magnitude and persists longer than
abnormal returns due to positive events
Investopedia. (2019). Investing In The Healthcare Sector. [online]
Available at: https://www.investopedia.com/articles/stocks/08/investing-in-healthcare.asp.

Hwang, T.J., 2013. Stock Market Returns and Clinical Trial Results of Investigational Compounds: An
Event Study Analysis of Large Biopharmaceutical Companies. PloS one, 8(8), p.e71966.
Available at:
https://www.researchgate.net/publication/255959205_Stock_Market_Returns_and_Clinical_Trial_Resul
ts_of_Investigational_Compounds_An_Event_Study_Analysis_of_Large_Biopharmaceutical_Companies

Stock return underperformance due to

magnitude and persists longer than
abnormal returns due to positive events