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首页> 外文期刊>International Review of Financial Analysis >The influence of the COVID-19 pandemic on asset-price discovery: Testing the case of Chinese informational asymmetry
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The influence of the COVID-19 pandemic on asset-price discovery: Testing the case of Chinese informational asymmetry

机译：Covid-19大流行对资产价格发现的影响：测试中国信息不对称的情况

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摘要

The circumstances surrounding the outbreak of the COVID-19 pandemic have generated substantial interna-tional political strain as governments attempt to mitigate the widespread associated social and economic repercussions. One theory has focused on the potential for Chinese informational asymmetry. Using Chinese financial market data, we attempt to establish the scale and direction of information flows during multiple distinct phases of the development of the pandemic. Two specific results are identified. Firstly, the majority of domestically-traded Chinese stocks present evidence of significant information flows at a far earlier stage than internationally-traded comparatives, suggesting that domYestic investors recognised the dangers associated with COVID-19 far in advance of the rest of the world. One potential explanation surrounds the view that the severity of domestically-reported Chinese news was not appropriately recognised by international investors. Secondly, while evidence of safe-haven and flight-to-safety behaviour is evident throughout traditional energy and precious metal markets, cryptocurrencies became informationally-synchronised with Chinese equity markets, indicating their use as an investor safe-haven. This is a particularly concerning outcome for international policy maker and regulatory authorities due to the fragility of these developing markets.
机译：围绕Covid-19大流行爆发的情况产生了大量的国际性政治紧张，因为政府试图减轻广泛的相关社会和经济影响。一个理论专注于中国信息不对称的潜力。利用中国金融市场数据，我们试图在大流行发展的多个不同阶段建立信息流量的规模和方向。确定了两种特定的结果。首先，大多数国内交易的中国股票在较早的阶段提出了比国际交易的比较的重要信息的证据，这表明Domyestic投资者在世界其他地区的进步方面承认与Covid-19相关的危险。一个潜在的解释环绕着国内报告的中国新闻的严重程度并未被国际投资者适当地认可的。其次，虽然在传统能源和贵金属市场的安全避风港和飞行安全行为的证据中，加密货币与中国股票市场相比同步，表明他们作为投资者避险的用途。由于这些发展市场的脆弱性，这是国际政策制定者和监管机构的结果。

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