The effectiveness of government stock purchase during market crash: Evidence from China
The effectiveness of government stock purchase during market crash: Evidence from China
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市场崩盘期间政府购买股票的有效性：来自中国的证据
DOI：
10.1016/j.pacfin.2022.101706
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发表时间：
2022-01
影响因子：
4.6
通讯作者：
Bingxuan Lin
中科院分区：
文献类型：
--
作者：
Minying Cheng;Ling Jin;Zhisheng Li;Bingxuan Lin
During the Chinese stock market crash in 2015, the Chinese government formed a “national team” to directly purchase stocks of more than 1000 firms. We find that the national team's interventions lower the stock price crash risk for these firms; however, they also increase stock price synchronicity, transaction cost and decrease idiosyncratic information. The stabilizing role of the “national team” disappears in the long run after the crisis period. Firms with more noise traders and a lower level of investor confidence benefit more from the national team ownership, consistent with the conjecture that the national team improves market liquidity and investor confidence.
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影响因子：
6.8
作者：
Liang Qi;Lu Yanchen;Li Zheng
通讯作者：
Li Zheng
影响因子：
4.1
作者：
Crawford, Steven S.;Roulstone, Darren T.;So, Eric C.
通讯作者：
So, Eric C.
影响因子：
4.5
作者：
Yuli Su;Yewmun Yip;Rickie W. Wong
通讯作者：
Yuli Su;Yewmun Yip;Rickie W. Wong
影响因子：
4
作者：
Yugang Yin;Rongfu Tian
通讯作者：
Yugang Yin;Rongfu Tian
DOI：
10.2139/ssrn.93660
发表时间：
1998-06
期刊：
Harvard Economics Department Working Paper Series
影响因子：
--
作者：
Paul A. Gompers;Andrew Metrick
通讯作者：
Paul A. Gompers;Andrew Metrick