Abstract
This study investigates the influence of China's national team investors on stock market volatility and crash risks using 2011-2018 data. Findings show increased stock return volatility and decreased crash risks post-2015. The national team reduced risk for pledged shares, while treatment firms reduced R&D investment and diversified business more than control groups. A difference-in-difference approach reveals heightened volatility in firms with national team ownership after 2015, questioning the efficacy of these interventions. This research offers insights into government intervention in financial markets, emphasizing the national team's impact on market stability and economic outcomes.
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