Stock Market Stimulus
研究了美国三轮“刺激支票”和香港一轮直接付款对股市的影响，发现刺激支票增加了散户买入和股价，且效果可能是永久性的。
Abstract We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of retail-dominated portfolios. The Hong Kong payments increased overall turnover and share prices on the Hong Kong Stock Exchange. We cannot rule out that these price effects were permanent. The findings raise novel questions about the role of fiscal stimulus in the stock market. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.