Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Second Department


Reader 1

Ben Gillen

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William Gordon Birchard IV


Covid-19 has brought on a large amount of debate on how debt has affected the retail industry. With financial data from 2019-2020 on the retail industry, this paper finds that a decrease in leverage ratios leads to an increase in the retail industry's market capitalization and value due to the Covid-19 pandemic. We also find that an increase in the current ratio leads to a significant increase in the market capitalization of the retail industry. Lastly, we see that Covid-19 had no significant effect on the income statements of the retail industry and the pandemic aided the retail industry into strengthening their balance sheets and leverage ratios in comparison to the Pre-Covid era.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.