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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | An Empirical Study on the Impact of the Belt and Road Initiative on the Stock Market |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Date | 2022 |
| Abstract Text | The Belt and Road initiative is a road of win-win cooperation to promote joint development, achieve shared prosperity, and a path of peace and friendship to enhance understanding and communications. Since the proposal was put forward, it has been widely supported by the international community and has achieved fruitful results. This paper selects the stock markets of Italy, New Zealand, Austria, Australia, China, South Korea, India, and Vietnam as the research objects and takes the participation, withdrawal, or refusal of the Belt and Road initiative as events, and applies the event study method to study the short-term impact of the Belt and Road initiative on the stock markets of participating countries. The results show that the Chinese and Italian markets in the participating countries have obtained positive abnormal returns, while the negative returns in the Korean market during the event window show a negative attitude towards the Belt and Road. The results of other countries are not significant. Australia and India, which withdrew or refused to participate in the Belt and Road initiative, have achieved significant negative abnormal returns after the event day, which indicates that the market believes that rejecting the Belt and Road initiative is a strong negative signal. In addition, this paper also finds that the impact of the Belt and Road policy on the stock market has noticeable industry effects, and the response of the same industry to the Belt and Road policy is quite different in different markets. |
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