Using the exogenous shock of the COVID-19 pandemic, we examine whether vertical integration creates value for firms when facing increasing uncertainty. We find that there is a significant and positive correlation between vertical integration and cumulative abnormal return in the event window of...

Using the exogenous shock of the COVID-19 pandemic, we examine whether vertical integration creates value for firms when facing increasing uncertainty. Using cross-sectional data during the outbreak of the COVID-19 pandemic, we find that there is a significant and positive correlation between...