{"title":"Impact of COVID-19 Vaccinations on the UK Stock Market","authors":"Chengyue Lu, Wojtek Paczos","doi":"10.1111/manc.70005","DOIUrl":null,"url":null,"abstract":"<p>This study sheds light on the interaction between COVID-19 vaccinations and economic recovery from the pandemic crisis. 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 corresponds to a 0.07 percentage point increase in daily stock return. Stringent closure policies strengthen the positive influence of the vaccine on returns. Sector-wise, healthcare responds most positively, while basic resources and food/beverage industries show positive but muted effects.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"94 1","pages":"39-52"},"PeriodicalIF":0.9000,"publicationDate":"2025-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.70005","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Manchester School","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/manc.70005","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This study sheds light on the interaction between COVID-19 vaccinations and economic recovery from the pandemic crisis. 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 corresponds to a 0.07 percentage point increase in daily stock return. Stringent closure policies strengthen the positive influence of the vaccine on returns. Sector-wise, healthcare responds most positively, while basic resources and food/beverage industries show positive but muted effects.
期刊介绍：
The Manchester School was first published more than seventy years ago and has become a distinguished, internationally recognised, general economics journal. The Manchester School publishes high-quality research covering all areas of the economics discipline, although the editors particularly encourage original contributions, or authoritative surveys, in the fields of microeconomics (including industrial organisation and game theory), macroeconomics, econometrics (both theory and applied) and labour economics.
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