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Many hands make light work: Evidence from China’s anti-epidemic bonds

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  • Shi, Ning
  • Wang, Ying
  • Chen, Wenzhe

Abstract

Based on China’s anti-epidemic bond data, this paper investigates stock market reactions to the anti-epidemic bond issuance announcements during the COVID-19 pandemic. We find that anti-epidemic bond issuance significantly increases the cumulative abnormal return (CAR) compared with conventional bond issuance.

Suggested Citation

  • Shi, Ning & Wang, Ying & Chen, Wenzhe, 2022. "Many hands make light work: Evidence from China’s anti-epidemic bonds," Economics Letters, Elsevier, vol. 214(C).
    • Handle: RePEc:eee:ecolet:v:214:y:2022:i:c:s0165176522000866
    DOI: 10.1016/j.econlet.2022.110426
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    References listed on IDEAS

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    More about this item

    Keywords

    Anti-epidemic bonds; Stock market reaction; COVID-19; Cumulative abnormal return;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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