Journal
FINANCE RESEARCH LETTERS
Volume 42, Issue -, Pages -Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2021.101940
Keywords
Global financial crisis; COVID-19; Quantitative easing; Stock market
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Funding
- Anderson School of Management at the University of New Mexico
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The study reveals that quantitative easing is effective in boosting investor confidence, especially for industries more severely affected by the COVID-19 pandemic.
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.
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