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Many hands make light work: Evidence from China's anti-epidemic bonds
Ning Shi1, Ying Wang1, Wenzhe Chen1
1School of Finance, Shandong University of Finance and Economics, 40 Shungeng road, Jinan, 250014, China.
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.
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