期刊
FINANCE RESEARCH LETTERS
卷 45, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2021.102161
关键词
COVID-19; Government policies; Returns
This paper analyses how COVID-19 related government policies influence stock markets. The study found that for most countries, the stimulus package and lockdown policies had a negative impact on stock returns, while the travel ban had the least effect on stock returns.
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.
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