Chen Hsuan-Chi, Yeh Chia-Wei
Anderson School of Management, University of New Mexico, Albuquerque, NM 87131, USA.
Department of Banking and Finance, National Chi Nan University, Nantou County 545, Taiwan.
Financ Res Lett. 2021 Oct;42:101940. doi: 10.1016/j.frl.2021.101940. Epub 2021 Jan 19.
We study industrial reactions to both the global financial crisis of 2008 and the COVID-19 pandemic. Although most industries in the U.S. suffered from the two events, the stock performance of most industries started to recover following the announcements of quantitative easing. Our results indicate that quantitative easing is effective in boosting investor confidence. We also find that the effect of quantitative easing in 2020 on stock performance is more significant for the industries that are more affected by the pandemic.
我们研究了工业界对2008年全球金融危机和新冠疫情的反应。尽管美国的大多数行业都受到了这两件事的影响,但在量化宽松政策宣布后,大多数行业的股票表现开始回升。我们的结果表明,量化宽松政策在增强投资者信心方面是有效的。我们还发现,2020年量化宽松政策对股票表现的影响,对于受疫情影响更大的行业更为显著。