Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Murat Binay

OCLC Record Number



This paper examines the relationship of economic, health, and Covid-19 indicators on pandemic market performance of G20 countries. Returns are measured through benchmark indices of each respective country. Previous literature examines the relationship of economic policies on returns but fails to incorporate response protocols. This thesis builds on previous literature by adding response mechanisms while also controlling for country corruption and development. I seek to provide policy implications for future pandemics based on my findings. Using Trading Economics, Our World In Data,and an Ordinary Least Squares regression framework, I find that death rates have the greatest impact on excess returns and that lockdown leniency has a positive impact. My results reveal the importance of open economies and market freedom for better stock performance during the pandemic.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.