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Covid-19 vaccine approvals and stock market returns: The case of Chinese stocks

Author

Listed:
  • Ho, Ken C.
  • Gao, Yibo
  • Gu, Qiying
  • Yang, Da

Abstract

This paper investigates the Chinese stock market reactions to the announcements of Covid-19 vaccine approvals. These announcements generally impacted stock prices, but the impacts appeared to be heterogeneous across sectors. Particularly, firms in the manufacturing, wholesale, retail, and information technology sectors were persistently benefited. We also find that firms with poorer performance, smaller sizes, and greater ages reacted more positively compared to others.

Suggested Citation

  • Ho, Ken C. & Gao, Yibo & Gu, Qiying & Yang, Da, 2022. "Covid-19 vaccine approvals and stock market returns: The case of Chinese stocks," Economics Letters, Elsevier, vol. 215(C).
    • Handle: RePEc:eee:ecolet:v:215:y:2022:i:c:s0165176522001069
    DOI: 10.1016/j.econlet.2022.110466
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    References listed on IDEAS

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    Cited by:

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    2. Ma, Yunsheng & Wang, Jiaying, 2025. "The effect of COVID-19 vaccine on the international financial markets," Finance Research Letters, Elsevier, vol. 71(C).
    3. Li, Yanshuang & Shi, Yujie & Shi, Yongdong & Yi, Shangkun & Zhang, Weiping, 2023. "COVID-19 vaccinations and risk spillovers: Evidence from Asia-Pacific stock markets," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    4. Chibane, Messaoud & Kuhanathan, Ano, 2023. "Is the fed failing to re-anchor expectations? An analysis of jumps in inflation swaps," Finance Research Letters, Elsevier, vol. 55(PB).
    5. Augeraud-Véron, E. & Boungou, W. & Gupta, P., 2025. "Do better capitalized and bigger banks recover faster from a pandemic-led shock? Evidence from US Banks’ lending behavior," Economic Modelling, Elsevier, vol. 151(C).

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    Keywords

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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