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ABSTRACT
This paper evaluates the stock market performance in Russia during the COVID-19 pandemic from January 3, 2020, to April 30, 2021. The study shows daily abnormal returns of stocks declined on the day when the first coronavirus case was detected. The government’s actions in implementing lockdown restrictions and providing stimulus packages positively influenced the stock market. However, the early lifting of lockdowns sent a negative signal to investors. Despite the skepticism among the population toward the first coronavirus vaccine Sputnik V, the news of its registration, mass vaccination, and Russia’s “vaccine diplomacy” contributed to the stock market’s growth.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Additional information
Notes on contributors
Kurkam Suvanova
Kurkam Suvanova holds a Ph.D. in Business Administration (Finance) from Hanyang University Business School, South Korea. Her research focuses on financial markets, asset management, and event studies. Her works have been published in Actual Problems of Economics and Problems and Perspectives in Management.
Hyoung-Goo Kang
Hyoung-Goo Kang is a Professor at the Department of Finance at Hanyang University, South Korea. His research focuses on machine learning, financial innovations, innovative institutions, strategic process, asset allocation, and the big data approach to behavioral economics. His works have been published in various journals, including Strategic Entrepreneurship Journal, Computational and Mathematical Organization Theory, and Applied Economics Letters.
Chang-Mo Kang
Chang-Mo Kang is an Associate Professor at the Department of Finance at Hanyang University, South Korea. His research concentrates on the issues of corporate finance and market efficiency. His works have been published in the Journal of Corporate Finance and Journal of Financial Research.