Chan Kam Fong, Chen Zhuo, Wen Yuanji, Xu Tong
UWA Business School, University of Western Australia, 35 Stirling Highway, Crawley, WA 6009, Australia.
PBC School of Finance, Tsinghua University, 43 Chengfu Road, Beijing 100083, China.
Financ Res Lett. 2022 Jun;47:102774. doi: 10.1016/j.frl.2022.102774. Epub 2022 Mar 7.
Global stock markets react positively when different phases of human clinical trials on COVID-19 vaccines begin. The average abnormal stock return on the first day of the trials is both statistically and economically significant at 8.08 basis points. The increase in the average abnormal stock return is threefold higher for leading vaccine candidates. The positive reaction is more pronounced upon the start of phase III trials, and it is also stronger for vaccine candidates developed by the U.S. and China.
当针对新冠病毒疫苗的人体临床试验进入不同阶段时，全球股票市场会做出积极反应。在试验首日，平均异常股票回报率在统计和经济意义上均显著，为8.08个基点。对于领先的候选疫苗，平均异常股票回报率的增幅高出三倍。在III期试验开始时，积极反应更为明显，而且对于美国和中国研发的候选疫苗来说反应也更为强烈。
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