{"title":"节日快乐?来自中国证券交易所的证据","authors":"Margaret A. T. Kenney","doi":"10.1017/bap.2024.11","DOIUrl":null,"url":null,"abstract":"\n There is a consensus in the finance literature that stock markets generally perform well ahead of holidays. However, I argue that this relationship does not hold in the Chinese context, given that public holidays are associated with increased collective action and repression. I propose two possible mechanisms: (1) Chinese investors take cues from the political environment and will thus act more conservatively in the market prior to public holidays or (2) the government increases intervention to stabilize the stock market during these periods. I test this relationship using daily stock exchange data from Shanghai and Shenzhen. In addition, I corroborate the theoretical mechanism by testing whether there is similar conservatism before focal points on the dissident calendar. This research note contributes to our understanding of the Chinese investment market and raises general questions about the representativeness of the finance literature. In addition, this research speaks to the costs of authoritarianism and preserving social stability in these contexts.","PeriodicalId":39749,"journal":{"name":"Business and Politics","volume":null,"pages":null},"PeriodicalIF":1.4000,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Happy Holidays? Evidence from Chinese Stock Exchanges\",\"authors\":\"Margaret A. T. Kenney\",\"doi\":\"10.1017/bap.2024.11\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n There is a consensus in the finance literature that stock markets generally perform well ahead of holidays. However, I argue that this relationship does not hold in the Chinese context, given that public holidays are associated with increased collective action and repression. I propose two possible mechanisms: (1) Chinese investors take cues from the political environment and will thus act more conservatively in the market prior to public holidays or (2) the government increases intervention to stabilize the stock market during these periods. I test this relationship using daily stock exchange data from Shanghai and Shenzhen. In addition, I corroborate the theoretical mechanism by testing whether there is similar conservatism before focal points on the dissident calendar. This research note contributes to our understanding of the Chinese investment market and raises general questions about the representativeness of the finance literature. In addition, this research speaks to the costs of authoritarianism and preserving social stability in these contexts.\",\"PeriodicalId\":39749,\"journal\":{\"name\":\"Business and Politics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2024-04-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Business and Politics\",\"FirstCategoryId\":\"90\",\"ListUrlMain\":\"https://doi.org/10.1017/bap.2024.11\",\"RegionNum\":3,\"RegionCategory\":\"社会学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"INTERNATIONAL RELATIONS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Business and Politics","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1017/bap.2024.11","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"INTERNATIONAL RELATIONS","Score":null,"Total":0}
Happy Holidays? Evidence from Chinese Stock Exchanges
There is a consensus in the finance literature that stock markets generally perform well ahead of holidays. However, I argue that this relationship does not hold in the Chinese context, given that public holidays are associated with increased collective action and repression. I propose two possible mechanisms: (1) Chinese investors take cues from the political environment and will thus act more conservatively in the market prior to public holidays or (2) the government increases intervention to stabilize the stock market during these periods. I test this relationship using daily stock exchange data from Shanghai and Shenzhen. In addition, I corroborate the theoretical mechanism by testing whether there is similar conservatism before focal points on the dissident calendar. This research note contributes to our understanding of the Chinese investment market and raises general questions about the representativeness of the finance literature. In addition, this research speaks to the costs of authoritarianism and preserving social stability in these contexts.
期刊介绍:
Business and Politics solicits articles within the broad area of the interaction between firms and political actors. Two specific areas are of particular interest to the journal. The first concerns the use of non-market corporate strategy. These efforts include internal organizational design decisions as well as external strategies. Internal organizational design refers to management structure, sourcing decisions, and transnational organization with respect to the firm"s non-market environment. External strategies include legal tactics, testimony, lobbying and other means to influence policy makers at all levels of government and international institutions as an adjunct to market strategies of the firm.