Ryan W. McEvily


This presentation was given live at 10:00 a.m. (Eastern Time) on Thursday, April 22, 2021 via Zoom. A recording of the presentation is included below.



Download Project (165 KB)


In mid February 2020, the U.S. Equity market experienced a sharp decline in stock prices due to the Covid-19 pandemic. Near the end of March, the stock market had an initial rebound and has continued an upward trend throughout the remainder of 2020 and into 2021 as Covid-19 vaccines plus fiscal stimulus packages have given investors renewed hope the the economy and equity markets will continue to normalize.In this study, my objective is to analyze the returns during the initial decline and rebound period for a number of size/style investment indexes offered to investors by Willshire. Size is identified as large and small while style is identified as value and growth. The size/style investment indexes are also dimensionalised by market value weighting and price weighting. I test the following hypotheses: (1) Large cap indexes outperform small cap indexes on the downswing, while small cap indexes outperform large cap indexes in the upswing period. (2) Value outperforms growth in the downswing while growth outperforms value in the upswing. (3) Market value weighted indexes outperform price weighted indexes in the downswing and price weighted indexes outperform market weighted indexes in the upswing.

Publication Date


Project Designation

Independent Research

Primary Advisor

Tony S. Caporale, Robert D. Dean

Primary Advisor's Department

Economics and Finance


Stander Symposium project, School of Business Administration

United Nations Sustainable Development Goals

Quality Education

COVID-19 and Size/Style Investments