We study the impact of COVID-19 and various government interventions on the stock market returns of 20 OECD countries from February 1, 2020 to October 1, 2020. We find that stock market returns react significantly negatively to the increase in the number of confirmed cases. The governments' intervention measures, such as social distancing, testing and contact tracing policies, magnify the negative effect of COVID-19 on stock returns. Our findings have important policy implications.
The double-wheel-driven of manufacturing and producer services industrial co-agglomeration is of great signi cance for transforming the economic growth mode driven by a single industry, integrating and extending regional resources, and improving energy e ciency. Based on panel data from 2004 to 2019, this paper uses the spatial Dubin model to analyze the impact of industrial co-agglomeration on total factor energy e ciency (TFEE) and its regional heterogeneity; Moreover, the mediating model is employed to examine the mediating effect of green technological innovation in the industrial co-agglomeration affects TFEE. Last but not least, the threshold panel regression model is conducted to verify the nonlinear relationship between industrial co-agglomeration and TFEE. The results show that: There is a U-shaped curve relationship between industrial co-agglomeration and TFEE, namely that industrial co-agglomeration rst shows a certain inhibitory effect on TFEE, and then plays a signi cant role in promoting. Moreover, there are obvious regional heterogeneities in the impact of industrial co-agglomeration on TFEE and its spatial spillover effect. Industrial co-agglomeration has a signi cant indirect impact on TFEE through green technological innovation. In addition, there is a single threshold effect in the impact of industrial coagglomeration on TFEE, only when the industrial co-agglomeration degree crosses the threshold value of 0.6329, can it positively promote the improvement of TFEE.
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