1 论文标题
《Managing China’s Stock Markets:The Economics of the National Team》
2 作者信息
Tri Vi Dang  Wei Li  Yongqin Wang
3 出处和链接
网络
4 摘要
Though government interventions in the form of direct purchase of stocks in financial crises are common around the world, mpirical evidence on their effects has been scant. This paper exploits a wide range government intervention in China to addressthe question. In the great stock market crash in 2015, Chinese government directly purchased stocks to stabilize the market on a large scale, through state-owned financial institutions collectively called the “National Team”. Using a difference-in-difference methodology, the paper finds that the revelation of intervention not only leads to reduced volatility and trading volume, but also reduces price informativeness. These results are consistent with the heterogeneous beliefs and global game literature, where more consensus reduces trading and more precise public information undermines information production. The paper suggests  ome fundamental rationales and trade-offs of government interventions in a second-best world.
5 关键词
Direct government intervention, financial crises, heterogeneous beliefs,global game
6 下载

National Team - Draft Apr 17.pdf
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