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The contagious effect of China's energy policy on stock markets: The case of the solar photovoltaic industry

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dc.contributor.authorHsiao, Cody Yu Ling
dc.contributor.authorAi, Dan
dc.contributor.authorWei, Xinyang
dc.contributor.authorSheng, Ni
dc.date.accessioned2024-03-04T00:14:41Z
dc.date.issued2021
dc.date.updated2022-10-16T07:25:55Z
dc.description.abstractContagion tests through mean and volatility channels are developed based on an exponential generalized autoregressive conditional heteroskedastic model to investigate the effects of China’s 2009e2020 solar power policies on the economic performance of different sectors. By examining the fluctuations in the daily stock prices of nine major economic sectors in China, we show the transmission mechanisms of policy shocks and find evidence that China’s major solar energy policies, including feed-in tariffs, solar subsidies, and market-based instruments, have significant effects on most of the studied sectors in China through both mean and volatility contagion channels. Among the three types of policies, feed-in tariffs and solar subsidies are found to be the most effective instruments in improving sector performance, while market-based instruments have the least effect. The risk premium effect is weak, but the asymmetric effect is strong, suggesting that market volatility responds considerably less to positive news than to negative news for the majority of sectors investigateden_AU
dc.description.sponsorshipThis research was supported by the Macau SAR (Special Administrative Region) Government Higher Education Fund, funded by Macau, China. The FDCT-NSFC join fund by the National Natural Science Foundation of China and the Macao Science and Technology Development Fund (Grant No.0037/2018/AFJ).en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0960-1481en_AU
dc.identifier.urihttp://hdl.handle.net/1885/315654
dc.language.isoen_AUen_AU
dc.publisherPergamon Pressen_AU
dc.rights© 2020 The authorsen_AU
dc.sourceRenewable Energyen_AU
dc.subjectContagion testen_AU
dc.subjectFeed-in tariffsen_AU
dc.subjectSolar subsidiesen_AU
dc.subjectSolar photovoltaic poweren_AU
dc.subjectChinaen_AU
dc.titleThe contagious effect of China's energy policy on stock markets: The case of the solar photovoltaic industryen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.lastpage86en_AU
local.bibliographicCitation.startpage74en_AU
local.contributor.affiliationHsiao, Yu-Ling, College of Business and Economics, ANUen_AU
local.contributor.affiliationAi, Dan, Macau University of Science and Technologyen_AU
local.contributor.affiliationWei, Xinyang, Macau University of Science and Technologyen_AU
local.contributor.affiliationSheng, Ni, Macau University of Science and Technologyen_AU
local.contributor.authoruidHsiao, Yu-Ling, u4450654en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor380107 - Financial economicsen_AU
local.identifier.absfor380110 - International economicsen_AU
local.identifier.ariespublicationa383154xPUB17296en_AU
local.identifier.citationvolume164en_AU
local.identifier.doi10.1016/j.renene.2020.08.161en_AU
local.identifier.scopusID2-s2.0-85091252399
local.identifier.thomsonIDWOS:000594439000007
local.publisher.urlhttps://www.sciencedirect.com/en_AU
local.type.statusPublished Versionen_AU

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