Bannigidadmath Deepa, Narayan Paresh Kumar, Phan Dinh Hoang Bach, Gong Qiang
Edith Cowan University, Perth.
Monash University, Melbourne, Australia.
Financ Res Lett. 2022 Mar;45:102161. doi: 10.1016/j.frl.2021.102161. Epub 2021 May 24.
The objective of this paper is to analyse how COVID-19 related government policies influenced stock markets. Of the 25 countries we consider, stock returns did not react to any of the three policies - the stimulus package, lockdown, and travel ban in 20% of countries. For around 48% of countries, the effect on returns was negative, due largely to the stimulus package and lockdown policies. Of the 13 countries that experienced a change in the cash rate, returns were negative for 46% of the markets. The travel ban had the least effect on stock returns.
本文的目的是分析与新冠疫情相关的政府政策如何影响股票市场。在我们所考虑的25个国家中，20%的国家股票回报对三项政策（刺激计划、封锁和旅行禁令）中的任何一项都没有反应。在大约48%的国家中，对回报的影响是负面的，这主要归因于刺激计划和封锁政策。在13个经历了现金利率变化的国家中，46%的市场回报为负。旅行禁令对股票回报的影响最小。
