Yichen Luo’s research while affiliated with Durham University and other places

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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.

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

March 2023

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Lecture Notes in Education Psychology and Public Media

Yichen Luo

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Yiwei Wang

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Jiayu Li

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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.

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