The impact of government intervention on stock returns: Evidence from Hong Kong
The impact of government intervention on stock returns: Evidence from Hong Kong
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DOI：
10.1016/s1059-0560(02)00101-6
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发表时间：
2002
影响因子：
4.5
通讯作者：
Yuli Su;Yewmun Yip;Rickie W. Wong
中科院分区：
文献类型：
--
作者：
Yuli Su;Yewmun Yip;Rickie W. Wong
1998年8月，香港政府为恢复投资者信心，购买了恒生指数（HS）的33只股票。我们发现，政府的行动不仅扭转了股市的下跌趋势，而且减少了市场的波动性。行动的主要受益者是政府干预期间购买的股票的股东，股价的上涨持续存在。尽管非恒生股票的股东也从干预中获益，但其收益较小且不会持久。
In August 1998, the Hong Kong government, in her effort to restore investors' confidence, purchased shares of the 33 stocks that constitute the Hang Seng Index (HS). We find that the government's action not only reverses the declining trend of the stock market but also reduces the volatility of the market. The main beneficiaries of the action are the shareholders of the stocks that are purchased by the government during the intervention period, and the increase in stock prices persists. Although the shareholders of non-Hang Seng stocks also gain from the intervention, their gain is smaller and does not last.