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The Impact of China's Zero-COVID Policy on Stock Returns

Author

Listed:
  • Luo, Wenwen

    (University of Bristol)

  • Paczos, Wojtek

    (Cardiff Business School, Cardiff University; Institute of Economics, Polish Academy of Sciences)

Abstract

Panel regressions for 474 listed Chinese healthcare firms (2020–2022) show that stricter Zero-COVID stringency boosted stock returns, while the vaccination effect switched from positive early on to negative later. Interaction terms reveal stronger stringency effects and weaker vaccine effects when case numbers were high.

Suggested Citation

  • Luo, Wenwen & Paczos, Wojtek, 2025. "The Impact of China's Zero-COVID Policy on Stock Returns," Cardiff Economics Working Papers E2025/16, Cardiff University, Cardiff Business School, Economics Section.
    • Handle: RePEc:cdf:wpaper:2025/16
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    Keywords

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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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