In this study, we investigate the impact of the light-a-lamp event that occurred in India during the COVID-19 lockdown. This event happened across the country, and millions of people participated in it. We link this event to the stock market through investor sentiment and misattribution bias. We find a 9% hike in the market return on the post-event day. The effect is heterogeneous in terms of beta, downside risk, volatility, and financial distress. We also find an increase (decrease) in long-term bond yields (price), which together suggests that market participants demanded risky assets in the post-event day.
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| http://www.ncbi.nlm.nih.gov/pmc/articles/PMC7982769 | PMC |
| http://dx.doi.org/10.1186/s40854-021-00232-6 | DOI Listing |
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