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Information Effects During the U. S. Subprime Crisis

Author

Listed:
  • Jengfang Chen
  • Chunghuey Huang
  • Ming-Long Wang
  • Jia-Chi Cheng

Abstract

We investigate the impact of the U. S. subprime crisis on the stock markets of the Asia-Pacific countries on various event dates. Using data from Hong Kong, Indonesia, Malaysia, Singapore, and Taiwan, we find that the subprime crisis negatively affects these stock markets and investor behavior, especially in Hong Kong and Taiwan. In addition, the subprime crisis generally works through more financial linkages than trade linkages. However, when the subsamples are classified according to industry, this result exists only for the banking industry, but both financial and trade linkages become important to explain the impact of the crisis on the manufacturing industry.

Suggested Citation

  • Jengfang Chen & Chunghuey Huang & Ming-Long Wang & Jia-Chi Cheng, 2010. "Information Effects During the U. S. Subprime Crisis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 46(1), pages 75-86, January.
    • Handle: RePEc:mes:emfitr:v:46:y:2010:i:1:p:75-86
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    Citations

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    Cited by:

    1. Taein Kwon & Sanghyo Lee & Jaejun Kim, 2013. "The characteristics of changes in construction companies to become insolvent by size following macroeconomic fluctuations," E3 Journal of Business Management and Economics., E3 Journals, vol. 4(4), pages 082-092.
    2. Jasman Tuyon & Zamri Ahmada, 2016. "Behavioural finance perspectives on Malaysian stock market efficiency," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 16(1), pages 43-61, March.
    3. Xindan Li & Bing Zhang, 2013. "Spillover and Cojumps Between the U.S. and Chinese Stock Markets," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 49(S2), pages 23-42, March.
    4. Aram TERZYAN, 2020. "Structure - Agency Problem in Foreign Policy Analysis of Post-Soviet States: The Cases of Armenia and Ukraine," Eastern European Journal for Regional Studies (EEJRS), Center for Studies in European Integration (CSEI), Academy of Economic Studies of Moldova (ASEM), vol. 6(1), pages 44-68, June.
    5. Chiu-Lan Chang & Paul L. Hsueh, 2013. "An Investigation of the Flight-to-Quality Effect: Evidence from Asia-Pacific Countries," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 49(S4), pages 53-69, September.

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