| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22753 |
| 来源ID | Working Paper 22753 |
| The Effect of Air Pollution on Investor Behavior: Evidence from the S&P 500 | |
| Anthony Heyes; Matthew Neidell; Soodeh Saberian | |
| 发表日期 | 2016-10-24 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We provide detailed empirical evidence of a direct effect of air pollution on the efficient operation of the New York Stock Exchange, linking short-term variations in fine particulate matter (PM2.5) in Manhattan to movements in the S&P 500. The effects are substantial – a one standard deviation increases in ambient PM2.5 reduces same-day returns by 11.9% in our preferred specification – and remarkably robust to a variety of specifications and a battery of robustness and falsification checks. Furthermore, the intra-day effects that we observe are difficult to reconcile with competing hypotheses. Despite investors being dispersed geographically we find strong evidence that the effect is strictly local in nature, consistent with the high concentration of market influencers in New York. While we are agnostic as to the underlying mechanism, we provide evidence suggestive of the role of decreased risk tolerance operating through pollution-induced changes in mood or cognitive function. |
| 主题 | Labor Economics ; Labor Supply and Demand ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w22753 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580426 |
| 推荐引用方式 GB/T 7714 | Anthony Heyes,Matthew Neidell,Soodeh Saberian. The Effect of Air Pollution on Investor Behavior: Evidence from the S&P 500. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22753.pdf（1122KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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