Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/309955 
Year of Publication: 
2024
Series/Report no.: 
Cardiff Economics Working Papers No. E2024/10
Publisher: 
Cardiff University, Cardiff Business School, Cardiff
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.
Subjects: 
stock returns
Covid-19
vaccinations
JEL: 
E65
G12
I18
Document Type: 
Working Paper

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