新冠疫情封锁措施、经济刺激计划、旅行禁令与股票回报
COVID-19 lockdowns, stimulus packages, travel bans, and stock returns.
作者信息
Narayan Paresh Kumar, Phan Dinh Hoang Bach, Liu Guangqiang
机构信息
Deakin University, Melbourne, Australia.
La Trobe University, Melbourne, Australia.
出版信息
Financ Res Lett. 2021 Jan;38:101732. doi: 10.1016/j.frl.2020.101732. Epub 2020 Aug 20.
Abstract
This paper examines the effect of government responses of G7 countries to the coronavirus pandemic (COVID-19) on stock market returns. Using time-series data, we show that lockdowns, travel bans, and economic stimulus packages all had a positive effect on the G7 stock markets. However, lockdowns were most effective in cushioning the effects of COVID-19. Our results are robust to different measures of returns and controls for other factors of returns.
摘要
本文考察了七国集团（G7）国家针对新冠疫情（COVID-19）所采取的政府应对措施对股票市场回报的影响。利用时间序列数据，我们发现封锁措施、旅行禁令和经济刺激计划均对七国集团股票市场产生了积极影响。然而，封锁措施在缓冲COVID-19的影响方面最为有效。我们的结果对于回报的不同衡量方法以及回报的其他因素的控制而言是稳健的。
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