This study examines the impact of China's "Zero-COVID" policies on stock returns in the healthcare sector from January 2020 to December 2022. Using panel regression analysis, we find that increases in the Stringency Index increased healthcare stock returns. In contrast, vaccination rates are...

Are carbon emissions priced in equity markets? The literature is split with different approaches yielding conflicting results. We develop a stylized model showing that, if emissions are priced, stock returns depend on expected emissions and the product of the innovation in emissions and the...

Purpose - Contrary to the developed markets, where ESG (environmental, social and governance) investing has received considerable attention, the extant literature in the context of emerging markets remains fragmented and scarce. To fill this gap, the study examines the financial performance of...

We studied decades-long (1980 to 2024) historic distributions of accumulated S&P500 returns, from daily returns to those over several weeks. The time series of the returns emphasize major upheavals in the markets - Black Monday, Tech Bubble, Financial Crisis, and the COVID pandemic - which are...