Before revision:  To capture the long-run impact of government policy interventions against stock markets, we measure the time-varying joint degree of market efficiency and the time-varying impulse responses based on Ito et al.'s (2014;
After revision:  To capture the long-run impact of government policy interventions against the markets, we measure the time-varying joint degree of market efficiency and the time-varying impulse responses based on Ito et al.'s (2014;