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Evidence of Abnormal Trading on COVID-19 Pfizer Vaccine Development Information
Journal of Risk and Financial Management
The 2019 COVID-19 pandemic led to an economic slowdown worldwide and shook the investment world. Pharmaceutical investments were influenced by the anticipation of COVID-19 vaccine developments. Our study examines the real-time impact of public announcements concerning COVID-19 vaccine developments on stock returns and volatilities for Pfizer, Moderna, and the S&P 500. Market Return and Information Event methodology were used to analyze stock activities immediately before important publicdoi:10.3390/jrfm15070299 fatcat:sopiqvnd3bfvdf7yjaefio667q