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

Wenwen Luo and Wojtek Paczos
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Wenwen Luo: University of Bristol

No E2025/16, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

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.

Keywords: Stock returns; Zero-COVID; Healthcare sector (search for similar items in EconPapers)
JEL-codes: C23 E65 G12 I18 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2025-07
New Economics Papers: this item is included in nep-cna and nep-fmk
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