Impact of COVID‐19 vaccinations on the UK stock market

Lu, Chenguye and Paczos, Wojtek ORCID: https://orcid.org/0000-0002-8129-0235 2025. Impact of COVID‐19 vaccinations on the UK stock market. The Manchester School 10.1111/manc.70005

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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.

Item Type:	Article
Date Type:	Published Online
Status:	In Press
Schools:	Schools > Business (Including Economics)
Additional Information:	License information from Publisher: LICENSE 1: URL: http://creativecommons.org/licenses/by/4.0/
Publisher:	Wiley
ISSN:	1463-6786
Date of First Compliant Deposit:	5 August 2025
Date of Acceptance:	18 July 2025
Last Modified:	05 Aug 2025 09:45
URI:	https://orca.cardiff.ac.uk/id/eprint/180265

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