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Government Fighting Pandemic, Stock Market Return, and COVID-19 Virus Outbreak
Emerging Markets Finance and Trade ( IF 4.859 ) Pub Date : 2021-04-09 , DOI: 10.1080/1540496x.2021.1873129
Chun-Ping Chang, Gen-Fu Feng, Mingbo Zheng

ABSTRACT

We investigate the effect of the governments’ responses to fighting the COVID-19 pandemic on the returns in the stock market index. Panel data of 20 countries are used spanning January 2 to July 21, 2020, for the dynamic panel model. The results indicate that the overall government response, containment and health, and stringency indices have a significantly positive effect on stock market returns. Specifically, government policy responses of shutting down workplaces, canceling public events, restricting public gatherings and international travel, providing income support, and implementing fiscal measures can increase stock market returns. Our evidence shows that the stock market does not react significantly to government interventions in the health system. We believe that our findings provide valuable information for policymakers and financial investors around the world.



中文翻译:

政府抗击大流行、股市回归和 COVID-19 病毒爆发

摘要

我们调查了政府应对 COVID-19 大流行的反应对股票市场指数回报的影响。动态面板模型使用了 2020 年 1 月 2 日至 7 月 21 日期间 20 个国家/地区的面板数据。结果表明,政府的整体反应、遏制和健康以及严格指数对股市回报具有显着的积极影响。具体而言,政府关闭工作场所、取消公共活动、限制公共聚会和国际旅行、提供收入支持和实施财政措施等政策响应可以提高股市回报。我们的证据表明,股市对政府对卫生系统的干预没有显着反应。

更新日期:2021-06-02
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