2019冠状病毒病和政府干预措施对马来西亚证交所各板块的影响

IF 1.1 Q3 ECONOMICS

Journal of Chinese Economic and Foreign Trade Studies Pub Date : 2022-10-17 DOI:10.1108/jcefts-06-2022-0039

Y. Chow, Young Han Tan

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引用次数: 0

摘要

目的研究2020年1月29日至3月31日期间，马来西亚新冠肺炎确诊病例的每日增长和政府干预对金融时报证券交易所马来西亚证券交易所吉隆坡综合指数（FBMKLCI）和8个选定的马来西亚证券交易所部门指数的每日回报的影响，2021.设计/方法/方法本文采用多元广义自回归条件异方差模型来确定整个研究期和四个子期的影响，即政府干预前、运动控制令（MCO）、条件MCO（CMCO）和恢复MCO阶段。发现本文未发现任何证据表明新冠肺炎确诊病例的每日增长对整个研究期间FBMKLCI和八项马来西亚Bursa部门指数的回报产生影响。然而，前者在这四个子时期产生了不同的影响。在MCO期间受到积极影响的行业是金融服务和房地产投资信托。然而，在中国移动运营期间，这些行业以及工业产品、服务和技术行业都受到了负面影响。建筑业、能源业、种植业和公用事业一直显示出统计上微不足道的结果。原创/价值本研究初步尝试调查新冠肺炎大流行对马来西亚政府干预不同阶段马来西亚Bursa部门指数回报的影响。

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Impact of COVID-19 and government interventions on Bursa Malaysia sectors

Purpose The purpose of this paper is to examine the influence of the daily growth in confirmed COVID-19 cases in Malaysia and government interventions on the daily returns of financial times stock exchange Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI) and eight selected Bursa Malaysia sectorial indices for the period January 29, 2020 to March 31, 2021. Design/methodology/approach This paper adopts the multivariate generalized autoregressive conditional heteroscedasticity model to determine the effects for the entire study period and four sub-periods, i.e. pre-government intervention, movement control order (MCO), conditional MCO (CMCO) and recovery MCO phases. Findings This paper finds no evidence of the effect of the daily growth in confirmed COVID-19 cases on the returns of FBMKLCI and eight Bursa Malaysia sectorial indices for the full study period. However, the former has exerted different effects over the four sub-periods. Sectors that are positively affected for the MCO period are financial services and real estate investment trust. Yet, these sectors are negatively affected for the CMCO period along with the industrial products and services and technology sectors. Sectors that consistently demonstrate statistically insignificant results are construction, energy, plantation and utilities. Originality/value This study makes an initial attempt to investigate the influence of the COVID-19 pandemic on the returns of Bursa Malaysia sectorial indices over different phases of government interventions in Malaysia.

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来源期刊

Journal of Chinese Economic and Foreign Trade Studies ECONOMICS-

CiteScore

3.40

自引率

4.20%

发文量

期刊介绍： The Journal of Chinese Economic and Foreign Trade Studies (JCEFTS) negotiates China''s unique position within the international economy, and its interaction across the globe. From a truly international perspective, the journal publishes both qualitative and quantitative research in all areas of Chinese business and foreign trade, technical economics, business environment and business strategy. JCEFTS publishes high quality research papers, viewpoints, conceptual papers, case studies, literature reviews and general views. Emphasis is placed on the publication of articles which seek to link theory with application, or critically analyse real situations in terms of Chinese economics and business in China, with the objective of identifying good practice in these areas and assisting in the development of more appropriate arrangements for addressing crucial issues of Chinese economics and business. Papers accepted for publication will be double–blind peer-reviewed to ensure academic rigour and integrity.