Does the Covid-19 Media Coverage Affect AH Premium Disparity?

IF 1.4 4区经济学 Q3 ECONOMICS

Economic Computation and Economic Cybernetics Studies and Research Pub Date : 2023-03-23 DOI:10.24818/18423264/57.1.23.11

Lu Xunfa, YE Zhitao, Huang Nan, Lai KIN KEUNG, Peng Yue

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引用次数: 1

Abstract

This article explores the dynamic causality between the COVID-19 Media Coverage Index (MCI) in China (Chinese mainland and Hong Kong) and the AH premium index (both price and volatility) by applying a novel time-varying causality technology. Our findings show that the MCIs in China do not significantly cause the log-prices of the AH premium index throughout the full sample period, whereas significantly positive and time-varying causalities from the MCIs in China to the volatilities of the AH premium index are detected. The results thus provide evidence that the change of the MCIs does not lead to a wider or narrower AH premium but unidirectionally causes the change of its volatilities. Furthermore, the effect of MCIs in Chinese mainland on the AH premium volatilities is more pronounced and stable compared to that in Hong Kong, which indicates that the AH premium disparity is more sensitive to the media coverage in the Chinese mainland than in Hong Kong. Finally, the causal relationship from the MCIs in China to the AH premium volatilities disappears after November 2021. Our results provide implications for policymakers to decrease the fluctuation of the AH premium by effectively guiding the trend of media coverage;the results also remind AH stock investors to pay more attention to the COVID-19 media coverage. © 2023, Bucharest University of Economic Studies. All rights reserved.

查看原文本刊更多论文

媒体对新冠肺炎的报道是否影响医疗保险保费差距?

本文应用一种新的时变因果关系技术，探讨了中国（大陆和香港）新冠肺炎媒体报道指数（MCI）与AH溢价指数（价格和波动率）之间的动态因果关系。我们的研究结果表明，在整个样本期内，中国的MCI不会显著导致AH溢价指数的对数价格，而从中国的MCIs到AH溢价指数波动性的显著正性和时变因果关系被检测到。因此，结果提供了证据，表明MCI的变化不会导致更宽或更窄的AH溢价，而是单向地导致其波动性的变化。此外，与香港相比，中国大陆的MCI对AH保费波动的影响更为显著和稳定，这表明AH保费差异对中国大陆的媒体报道比对香港更为敏感。最后，中国MCI与AH保费波动的因果关系在2021年11月后消失。我们的研究结果为政策制定者提供了启示，通过有效引导媒体报道的趋势来减少AH溢价的波动；研究结果还提醒AH股票投资者更多关注新冠肺炎媒体的报道。©2023，布加勒斯特经济研究大学。保留所有权利。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Computation and Economic Cybernetics Studies and Research MATHEMATICS, INTERDISCIPLINARY APPLICATIONS-

CiteScore

1.80

自引率

22.20%

发文量

审稿时长

>12 weeks

期刊介绍： ECECSR is a refereed journal dedicated to publication of original articles in the fields of economic mathematical modeling, operations research, microeconomics, macroeconomics, mathematical programming, statistical analysis, game theory, artificial intelligence, and other topics from theoretical development to research on applied economic problems. Published by the Academy of Economic Studies in Bucharest, it is the leading journal in the field of economic modeling from Romania.