Researcher ORCID Identifier
0009-0006-8405-1180
Graduation Year
2026
Date of Submission
12-2025
Document Type
Campus Only Senior Thesis
Degree Name
Bachelor of Arts
Department
Economics
Reader 1
Darren Filson
Terms of Use & License Information
Rights Information
2025 Lucas A Utsch
Abstract
In this work I analyze abnormal returns for theater and streaming companies associated with major COVID-related news events. I employ a Fama-French five-factor model of normal returns to measure the abnormal returns performance of AMC and Cinemark theaters and Netflix and Fubo streaming services. The research divides COVID-related announcements into four distinct categories to study how market responses changed throughout the pandemic period. These categories consist of: initial outbreak good news, initial outbreak bad news, late COVID good news, and late COVID bad news. I find that theater companies receive negative abnormal returns after unfavorable public health announcements, but streaming services react differently to market events whether they occurred in the early or later period of the pandemic. More specifically, the streaming industry failed to generate positive abnormal returns when the pandemic first started, but achieved substantial gains when extended lockdowns confirmed permanent changes in consumer behavior. Ultimately, the research shows how the pandemic led to different market responses for traditional theaters and streaming services, while also suggesting that investors did not perceive the full impact of the pandemic on these firms.
Recommended Citation
Utsch, Lucas, "Disappearing Silver Screens and the Streams That Replaced Them: Abnormal Returns for Movie Theater Chains and Streaming Services During the COVID-19 Pandemic." (2026). CMC Senior Theses. 4317.
https://scholarship.claremont.edu/cmc_theses/4317
This thesis is restricted to the Claremont Colleges current faculty, students, and staff.
