Impact of COVID-19 Vaccinations on UK Stock Market

Chengyue Lu and Wojtek Paczos

No E2024/10, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

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.

Keywords: stock returns; Covid-19; vaccinations (search for similar items in EconPapers)
JEL-codes: E65 G12 I18 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2024-04
New Economics Papers: this item is included in nep-fmk
References: Add references at CitEc
Citations:

Downloads: (external link)
http://carbsecon.com/wp/E2024_10.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cdf:wpaper:2024/10

Access Statistics for this paper

More papers in Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section Contact information at EDIRC.
Bibliographic data for series maintained by Yongdeng Xu ().