国际货币对前沿金融市场的溢出效应：孟加拉国的证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-03-04 DOI:10.1111/infi.12445

Md. Rashedur Rahman Sardar, Matthew Schaffer

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引用次数: 0

摘要

本文研究了国际货币溢出效应对孟加拉国股票价格的影响，这一前沿市场在以往的文献研究中被排除在外。我们在高频事件研究框架下使用 300 多家上市公司的每日股价数据，发现来自美国、欧元区和中国的收缩性货币冲击会降低股价，其中中国的货币冲击影响最大。另一方面，来自印度的收缩性冲击会导致股票回报率出现统计意义上的显著增长。这种积极反应是由少数政策决定所驱动的。如果将这些离群决策从样本中剔除，印度的收缩性货币冲击会导致股票价格下跌，这与其他国家的溢出效应是一致的。

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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International monetary spillovers to frontier financial markets: Evidence from Bangladesh

This paper investigates international monetary spillovers to stock prices in Bangladesh, a frontier market that has been excluded from prior studies in the literature. Using daily stock price data for over 300 publicly traded firms in a high-frequency event study framework, we find that contractionary monetary shocks originating from the US, euro area, and China lower stock prices, with Chinese monetary shocks having the largest impact. Contractionary shocks originating from India, on the other hand, lead to a statistically significant increase in stock returns. The positive response is driven by a small number of policy decisions. When these outlier decisions are removed from the sample, contractionary Indian monetary shocks lead to a decline in stock prices in line with spillovers from the other countries.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.