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Bao Doan and Duc Hong Vo
''Does the market pressure increase during the Covid-19 in Vietnam? Evaluating the impacts from government responses ''
( 2022, Vol. 42 No.2 )
Efficient stock price and liquidity are heavily affected by the extreme order imbalances, being the difference between the buy- and sell-initiated trades, leading to the market pressure. Data from Vietnam's stock market during Covid-19 is used to examine the effect of various government responses and policies during the Covid-19 pandemic on buying/selling pressure. Our findings indicate that the government responses and economic support are associated with an increase in the order imbalance or an increase in the buying pressure. In contrast, a country's risk from easing the stringency of policies leads to selling pressure. Regarding the impact of containment and closure policies, we find that the buying pressure is more likely associated with policies on workplace closing, restrictions on gatherings, and closed public transport than the stay-at-home requirements.
Keywords: Order imbalance, Government responses, Containment and closure policies, Covid-19, Vietnam
JEL: G3 - Corporate Finance and Governance: General
G1 - General Financial Markets
Manuscript Received : Dec 21 2020 Manuscript Accepted : Jun 30 2022

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