Journal
FINANCE RESEARCH LETTERS
Volume 47, Issue -, Pages -Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2022.102774
Keywords
COVID-19; Pandemics; Stock markets; Vaccines
Categories
Funding
- Na-tional Natural Science Foundation of China [71790605, 71790591, 71903106]
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Global stock markets show positive reactions when human clinical trials on COVID-19 vaccines commence, especially for leading candidates and those entering phase III trials, as well as those developed by the U.S. and China.
Global stock markets react positively when different phases of human clinical trials on COVID-19 vaccines begin. The average abnormal stock return on the first day of the trials is both statistically and economically significant at 8.08 basis points. The increase in the average abnormal stock return is threefold higher for leading vaccine candidates. The positive reaction is more pronounced upon the start of phase III trials, and it is also stronger for vaccine candidates developed by the U.S. and China.
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