We use the dates of the declaration of COVID-19 as a global pandemic (March 11, 2020) and of the announcements of the effectiveness of the Pfizer-BioNTech (November 9, 2020), Moderna (November 16, 2020) and AstraZeneca (November 23, 2020) 1 vaccines in the US as event dates to compute abnormal returns (ARs). The **data** used in the event study was collected from different sources. Airline stock returns were obtained from Datastream and computed using the total return index.