Impact of COVID-19 on Performance Evaluation Large Market Capitalization Stocks and Open Innovation

This research is an event study that evaluates the performance of large market capitalization shares using a model adjusted to risks due COVID-19 outbreak. The measured stocks which represented each tick size on Indonesian Stock Exchange during pandemic Sharpe Index, Treynor Ratio, and Jensen’s Alpha. sample selection used purposive sampling technique 24 were selected as samples in study. We daily closing price stocks, Indonesia composite index, average risk-free rate return (BI rate). By Alpha, this found FREN was highest beta with value 1.8189, indicating index effective well-diversified stock. low priced stock its (third tier stocks). Alpha good for measuring low-priced stocks. There are eight always have negative values method performance, indicates these underperformed COVID-19.