A shot in the arm: The effect of COVID‐19 vaccine news on financial and commodity markets
研究分析了2020年1月至12月主要疫苗公司的COVID-19疫苗公告对金融和商品市场的影响，发现这些公告对利率、美国及其他国家股市、运输用商品和部分农产品价格产生了显著的经济影响，且疫情初期跌幅较大的市场从好消息中获益更多。
Abstract We analyze the impact of COVID‐19 vaccine announcements by leading vaccine companies on the financial and commodity markets from January to December 2020. We show that the vaccine announcements had varied and economically significant impacts on asset prices. The announcements moved interest rates, stock markets in the U.S. and numerous other countries as well as commodities used in transportation and some agricultural commodities. We show that the stock and commodity markets that experienced larger declines at the beginning of the pandemic receive a larger boost from good vaccine news. We also find that the vaccine news affects stock returns through changes in the expectations of the corporate cash flows and the expected equity risk premium.