Abstract
In the wake of the COVID-19 outbreak, China implemented emergency epidemic prevention and control measures, which played a positive role in economic and social development as well as the containment of the epidemic. Based on stock trading data from February 2020 to December 2022, this paper examines the impact of these measures on the stock returns of A-share listed companies. The findings of the study indicate that social distancing and health measures generally increase stock market returns, despite the varying magnitude of their effects. In addition, the analysis of two aspects, namely the listed sectors and the industry response analysis, further corroborates the main conclusion that social distancing policies have a more pronounced effect on the stock market. The study helps investors understand how the stock market responds to government announcements and enables policymakers to further explore the impact of policy responses during major public health events and their influence on economic and social welfare.
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