摘要
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 postevent 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 postevent day.
