Λεπτομέρειες βιβλιογραφικής εγγραφής
| Τίτλος: |
Investors' Risk Aversion in a Tail Risk Event. |
| Συγγραφείς: |
Ameer, Rashid1 (AUTHOR) rameer@ipu.ac.nz, Chan, Peter1 (AUTHOR) pchan@ipu.ac.nz |
| Πηγή: |
Asia-Pacific Financial Markets. Jun2026, Vol. 33 Issue 2, p759-800. 42p. |
| Θεματικοί όροι: |
*Subsidies, *Risk aversion, *COVID-19 pandemic, *Investment risk, *Abnormal returns, *Rate of return on stocks, Causal inference, Australasians |
| Γεωγραφικοί όροι: |
Australia, New Zealand |
| Περίληψη: |
The COVID-19 pandemic necessitated unprecedented government interventions to mitigate economic fallout. This study examines the impact of wage subsidy payment schemes implemented between March 2020 and December 2021 in Australia and New Zealand on the stock market performance of recipient firms. The findings reveal that first wage subsidy payments (30 March 2020) had an immediate positive effect on the stock market performance of recipient firms in Australia, with higher risk-adjusted excess returns 0.47%, higher cumulative investment return of 2%, (approximately less than 10 days) compared to peer groups. While Australia made twice as many wage subsidy payments as New Zealand, a longer duration scheme in New Zealand (10 days longer) resulted in slightly higher return for recipient firms (0.28% compared to 0.03%) in Australia. Using Difference-in-Difference approach, the recipient firms outperformed and had positive long-term dynamic effects in Australia compared to New Zealand. These results imply that risk averse portfolio managers should carefully evaluate government wage subsidy schemes, as varied outcomes underscore the complex interplay between policy duration and economic uncertainties. [ABSTRACT FROM AUTHOR] |
|
Copyright of Asia-Pacific Financial Markets is the property of Springer Nature and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
| Βάση Δεδομένων: |
Business Source Index |