Stock Market Stimulus

• 成果类型: Article
• 署名作者: Greenwood, Robin; Laarits, Toomas; Wurgler, Jeffrey
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad025
• 发表日期: 2023
• 页码: 4082
• 关键词: DEMAND CURVES; Investor sentiment; price

摘要

We study the stock market effects of the arrival of the three rounds of stimulus checks to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of retail-dominated portfolios. The Hong Kong payments increased overall turnover and share prices on the Hong Kong Stock Exchange. We cannot rule out that these price effects were permanent. The findings raise novel questions about the role of fiscal stimulus in the stock market.