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Impact of COVID-19 Vaccinations on UK Stock Market

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Abstract

Using London Stock Exchange data (Jan 10, 2021, to Feb 24, 2022) and fixed-effects regression methods, this study assesses COVID-19 vaccine effects on UK stock returns. Initial protocol doses have a strong positive impact on returns, while boosters have a modest positive impact. A logarithmic unit increase in daily vaccine doses links to a 0.085p.p. stock return increase. Stringent closure policies weaken the positive vaccine influence on returns. Sector-wise, healthcare responds most positively, while basic resources and food/beverage industries show a positive but muted effect. This study sheds light on the contribution of Covid-19 vaccinations on economic recovery in the UK.

Suggested Citation

  • Lu, Chengyue & Paczos, Wojtek, 2024. "Impact of COVID-19 Vaccinations on UK Stock Market," Cardiff Economics Working Papers E2024/10, Cardiff University, Cardiff Business School, Economics Section.
    • Handle: RePEc:cdf:wpaper:2024/10
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    More about this item

    Keywords

    stock returns; Covid-19; vaccinations;
    All these keywords.

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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