The effect of COVID-19 on stock market performance has important implications for both financial theory and practice.This paper examines the relationship between COVID-19 and the instability of both stock return predi...The effect of COVID-19 on stock market performance has important implications for both financial theory and practice.This paper examines the relationship between COVID-19 and the instability of both stock return predictability and price volatility in the U.S over the period January 1st,2019 to June 30th,2020 by using the methodologies of Bai and Perron(Econometrica 66:47–78,1998.https://doi.org/10.2307/2998540;J Appl Econo 18:1–22,2003.https://doi.org/10.1002/jae.659),Elliot and Muller(Optimal testing general breaking processes in linear time series models.University of California at San Diego Economic Working Paper,2004),and Xu(J Econ 173:126–142,2013.https://doi.org/10.1016/j.jecon om.2012.11.001).The results highlight a single break in return predictability and price volatility of both S&P 500 and DJIA.The timing of the break is consistent with the COVID-19 outbreak,or more specifically the stock sellingoffs by the U.S.senate committee members before COVID-19 crashed the market.Furthermore,return predictability and price volatility significantly increased following the derived break.The findings suggest that the pandemic crisis was associated with market inefficiency,creating profitable opportunities for traders and speculators.Furthermore,it also induced income and wealth inequality between market participants with plenty of liquidity at hand and those short of funds.展开更多
Stapleton Roy,U.S.ambassador to China,expressed thanks to the Chinese govemment for the cooper-ation and assistance it extended to the U.S.recovery team.He said the cooperative effort of the two coun-tries symbolized ...Stapleton Roy,U.S.ambassador to China,expressed thanks to the Chinese govemment for the cooper-ation and assistance it extended to the U.S.recovery team.He said the cooperative effort of the two coun-tries symbolized that"we continue to cherish the emories of those who gave their lives so that we today can live in a better,safer world."展开更多
The discussions of U.S.return to Asia-Pacific unfold more around the state to state relationship,and are lack of studies based on regions.This paper intends to analyze the connections between regional security dilemma...The discussions of U.S.return to Asia-Pacific unfold more around the state to state relationship,and are lack of studies based on regions.This paper intends to analyze the connections between regional security dilemma and regional security ownership,and further examine how it is possible for the United States to return to Asia-Pacific.Although the United States during the early years of the end of the Cold War overlooked the importance of its Asia-Pacific strategy,however,the Asia-Pacific countries in short of consensus on regional security and a post-Cold War extensive security dilemma enable the United States to return to Asia-Pacific,improve and upgrade its U.S.-led regional security system.But,as far as China is concerned,the U.S.return to Asia-Pacific itself is both a challenge and an opportunity.展开更多
基金This research was supported by the Social Science Foundation of Jiangxi Province(Grant No:20YJ09)the National Social Science Foundation of China(Grant No:17ZDA037).
文摘The effect of COVID-19 on stock market performance has important implications for both financial theory and practice.This paper examines the relationship between COVID-19 and the instability of both stock return predictability and price volatility in the U.S over the period January 1st,2019 to June 30th,2020 by using the methodologies of Bai and Perron(Econometrica 66:47–78,1998.https://doi.org/10.2307/2998540;J Appl Econo 18:1–22,2003.https://doi.org/10.1002/jae.659),Elliot and Muller(Optimal testing general breaking processes in linear time series models.University of California at San Diego Economic Working Paper,2004),and Xu(J Econ 173:126–142,2013.https://doi.org/10.1016/j.jecon om.2012.11.001).The results highlight a single break in return predictability and price volatility of both S&P 500 and DJIA.The timing of the break is consistent with the COVID-19 outbreak,or more specifically the stock sellingoffs by the U.S.senate committee members before COVID-19 crashed the market.Furthermore,return predictability and price volatility significantly increased following the derived break.The findings suggest that the pandemic crisis was associated with market inefficiency,creating profitable opportunities for traders and speculators.Furthermore,it also induced income and wealth inequality between market participants with plenty of liquidity at hand and those short of funds.
文摘Stapleton Roy,U.S.ambassador to China,expressed thanks to the Chinese govemment for the cooper-ation and assistance it extended to the U.S.recovery team.He said the cooperative effort of the two coun-tries symbolized that"we continue to cherish the emories of those who gave their lives so that we today can live in a better,safer world."
文摘The discussions of U.S.return to Asia-Pacific unfold more around the state to state relationship,and are lack of studies based on regions.This paper intends to analyze the connections between regional security dilemma and regional security ownership,and further examine how it is possible for the United States to return to Asia-Pacific.Although the United States during the early years of the end of the Cold War overlooked the importance of its Asia-Pacific strategy,however,the Asia-Pacific countries in short of consensus on regional security and a post-Cold War extensive security dilemma enable the United States to return to Asia-Pacific,improve and upgrade its U.S.-led regional security system.But,as far as China is concerned,the U.S.return to Asia-Pacific itself is both a challenge and an opportunity.
