In this paper, we examine the behaviour of stock market returns in Norway and Sweden during the early days of the COVID-19 pandemic. We test how the different government interventions chosen in Norway and Sweden, including restrictions such as school closures and travel prohibitions along with economic support, affected equity markets in both countries. Our dataset comprises a panel of data for Norway and Sweden over 221 trading days during the period 1 January to 5 November 2020. The result show that while non-pharmaceutical interventions had few or no effects on Norwegian stock market returns, they positively affected the stock market in Sweden, although the strength of this effect weakened with the increasing number of confirmed COVID-19 cases.

在本文中，我们研究了COVID-19大流行初期挪威和瑞典的股票市场回报行为。我们测试了在挪威和瑞典选择的不同政府干预措施，包括学校停课和旅行禁令以及经济支持之类的限制，如何影响这两个国家的股票市场。我们的数据集包含2020年1月1日至11月5日期间221个交易日中挪威和瑞典的数据面板。结果显示，尽管非药物干预措施对挪威股市收益几乎没有影响，但它们对股票产生了积极影响尽管随着确诊的COVID-19病例数量的增加，这种作用的强度减弱了，但仍在瑞典市场上出现。