Jiayu Li’s research while affiliated with University of Birmingham and other places

What is this page?

This page lists works of an author who doesn't have a ResearchGate profile or hasn't added the works to their profile yet. It is automatically generated from public (personal) data to further our legitimate goal of comprehensive and accurate scientific recordkeeping. If you are this author and want this page removed, please let us know.

Publications (1)

Figure 1: Cumulative abnormal return of Pfizer's announcement of COVID-19 vaccine development.
Figure 2: Cumulative abnormal return of Pfizer's publishment of results from phase III clinical trial.
Figure 3: Cumulative abnormal return of AstraZeneca's announcement of COVID-19 vaccine development.
Figure 4: Cumulative abnormal return of AstraZeneca's publishment of results from phase III clinical trial.
Figure 5: Cumulative abnormal return of Johnson & Johnson's announcement of COVID-19 vaccine development.

+2

Stock Market Returns and Announcements of COVID-19 Vaccine: An Event Study Analysis of Vaccine Companies
  • Article
  • Full-text available

March 2023

·

83 Reads

Lecture Notes in Education Psychology and Public Media

Yichen Luo

·

Yiwei Wang

·

Jiayu Li

·

Qing Wang

For vaccine companies, the announcements of beginning and ending of COVID-19 vaccine development are milestones of vaccine companies. Few studies have explored how announcements of COVID-19 vaccine affect stock market returns of vaccine companies. In this work, we match the announcements of beginning and ending of COVID-19 vaccine development with three leading vaccine companies and adopt the event study methodology to examine the relationship between COVID-19 vaccine development events and changes in stock returns. We identify the 6 public announcements related to 3 begging and 3 ending as well as 3 vaccine companies. The majority events were associated with stock prices increases when those events happened. Our study shows that Covid-19 vaccine R&D have material economic implications and the result shows that investors can use biological company announcements as a solution for determining when to invest in the company and its competitors.

Download