1,361
Views
0
CrossRef citations to date
0
Altmetric
FINANCIAL ECONOMICS

Does environmental issue matter? Effect of air pollution on the stock market performance

, &
Article: 2117118 | Received 17 May 2022, Accepted 22 Aug 2022, Published online: 04 Sep 2022

References

  • Banga, J. (2018). The green bond market : a potential source of climate finance for developing Countries. Journal of Sustainable Finance & Investment, 9(1), 17-32. https://doi.org/10.1080/20430795.2018.1498617.
  • Cincinelli, P., Pellini, E., & Urga, G. (2022). Systemic Risk in the Chinese Financial System: A Panel Granger Causality Analysis. International Review of Financial Analysis, 82, 102179.
  • Dawar, I., Dutta, A., Bouri, E., & Saeed, T. (2021). Crude oil prices and clean energy stock indices: lagged and asymmetric effects with quantile regression. Renewable Energy, 163, 288–27. https://doi.org/10.1016/j.renene.2020.08.162
  • Demir, E., & Ersan, O. (2016). When Stock Market Investors Breathe Polluted Air. In M. Bilgin & H. Danis (Eds.) Entrepreneurship, Business and Economics - Vol. 2. Eurasian Studies in Business and Economics, vol 3/Vol. 2. Springer, https://doi.org/10.1007/978-3-319-27573-4_46
  • Ding, X., Guo, M., & Yang, Tan. (2021). Air Pollution, Local Bias, and Stock Returns. Finance Research Letter, 39, 101576. https://doi.org/10.1016/j.frl.2020.101576
  • Dominski, F. H., Branco, J. H. L., Buonanno, G., Stabile, L., Silva, M. G. D., & Andrade, A. (2021). Effects of air pollution: a mapping review of systematic reviews and meta-analysis. Environmental Research, 201, 111487. https://doi.org/10.1016/j.envres.2021.111487
  • Fang, Z., Xie, J., Peng, R., & Wang, S. (2021). Climate finance: mapping air pollution and finance market in time series. Econometrics, 9(43), 1–15. https://doi.org/10.3390/econometrics9040043
  • Giaccherini, M., Kopinska, J., & Palma, A. (2021). When particulate matter strikes cities : social disparities and health costs of air pollution. Journal of Health Economics, 78, 102478. https://doi.org/10.1016/j.jhealeco.2021.102478
  • Granger, C. W. J. (1969). Investigating Causal Relations by Econometric Models and Cross- Spectral Methods. Econometrica, 37, 424–438.
  • Guo, M., Wei, M., & Huang, L. (2022). Does air pollution influence investor trading behavior? Evidence from China. Emerging Markets Review, 50, 100822. https://doi.org/10.1016/j.ememar.2021.100822
  • Harding, M., & Lamarche, C. (2018). A panel quantile approach to attrition bias in big data: evidence from a randomized experiment. Journal of Econometrics, 211(1), 61-82. https://doi.org/10.1016/j.jeconom.2018.12.006
  • He, X., & Liu, Y. (2018). The public environmental awareness and the air pollution effect in Chinese stock market. Journal of Cleaner Production, 185, 446–454. https://doi.org/10.1016/j.jclepro.2018.02.294
  • Heyes, A., & Zhu, M. (2019). Air pollution as a cause of sleeplessness: social media evidence from a panel of Chinese cities. Journal of Environmental Economics and Management, 98, 102247,. https://doi.org/10.1016/j.jeem.2019.07.002
  • Huang, J., Xu, N., & Yu, H. (2020). Pollution and performance : do investors make worse trades on hazy days? Management Science, 66(10), 4455-4476. https://doi.org/10.1287/mnsc.2019.3402
  • Jiang, Z., Gupta, R., Subramaniam, S., & Yoon, S. (2021). The effect of air quality and weather on the Chinese stock: evidence from Shenzhen stock exchange. Sustainability, 13(5), 2931. https://doi.org/10.3390/su13052931()
  • Kannadhasan, M., & Das, D. (2020). Do asian emerging stock markets react to international economic policy uncertainty and geopolitical risk alike? A quantile regression approach. Finance Research Letters, 34, 101276. https://doi.org/10.1016/j.frl.2019.08.024
  • Kiihamäki, S. P., Korhonen, M., & Jaakkola, J. J. K. (2021). Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide. Scientific Reports, 11(8628), 1–11. https://doi.org/10.1038/s41598-021-88041-w
  • Koenker, R., & Hallock, K. F. (2001). Quantile regression. Journal of Economic Perspectives, 15(4), 143–156. https://doi.org/10.1257/jep.15.4.143
  • Koutsomanoli-filippaki, A., & Mamatzakis, E. C. (2010). Estimating the speed of adjustment of European banking efficiency under a quadratic loss function. Economic Modelling, 27(1), 1–11. https://doi.org/10.1016/j.econmod.2009.07.006
  • Levy, T., & Yagil, J. (2011). Air pollution and stock return in the US. Journal of Economic Psychology, 32(3), 374–383. https://doi.org/10.1016/j.joep.2011.01.004
  • Li, J., Massa, M., Zhang, H., & Zhang, J. (2021). Air pollution, behavioral bias, and the disposition effect in China. Journal of Financial Economics, 142(2), 641–673. 3. https://doi.org/10.1016/j.jfineco.2019.09.003
  • Liu, L., Fang, J., Li, M., Hossin, M. A., & Shao, Y. (2022). The effect of air pollution on consumer decision making: A review. Cleaner Engineering and Technology, 9, 100514. https://doi.org/10.1016/j.clet.2022.100514
  • Liu, F., Kang, Y., Guo, K., & Sun, X. (2021). The relationship between air pollution, investor attention and stock prices: evidence from new energy and polluting sectors. Energy Policy, 156, 1–11. https://doi.org/10.1016/j.enpol.2021.112430
  • Liu, L., Wang, K., Xiao, Y., & Wang, K. (2021). How air quality affect health industry stock returns : new evidence from the quantile-on-quantile regression. Frontiers in Public Health, 9, 789510. https://doi.org/10.3389/fpubh.2021.789510
  • Lu, J. G., Lee, J. J., Gino, F., & Galinsky, A. D. (2018). Polluted morality: air pollution predicts criminal activity and unethical behavior. Psychological Science, 29(3), 340–355. https://doi.org/10.1177/0956797617735807
  • Nerger, G. L., Huynh, T. L. D., & Wang, M. (2021). Which industries benefited from Trump environmental policy news? Evidence from industrial stock market reactions. Research in International Business and Finance, 57, 101418. https://doi.org/10.1016/j.ribaf.2021.101418
  • Tainio, M., Jovanovic, Z., Nieuwenhuijsen, M. J., Hu, L., De, N. A., An, R., Garcia, L. M. T., Goenka, S., Zapata-Diomedi, B., Bull, F., & Sa, T. H. D. (2021). Air pollution, physical activity and health: a mapping review of the evidence. Environment International, 147(105954), 1–15. https://doi.org/10.1016/j.envint.2020.105954
  • Teng, M., & He, X. (2020). Air quality levels, environmental awareness and investor trading behavior: evidence from stock market in China. Journal of Cleaner Production, 244, 118663. https://doi.org/10.1016/j.jclepro.2019.118663
  • Wang, W. (2016). Achieving Inclusive Growth in China Through Vertical Specialization. Vertical specialization and increasing productive employment. Comparing impacts of conventional trade and processing trade patterns on labor market in China (pp. 71–138). Elsevier Ltd.
  • World Bank. (2022, January). The global health cost of PM2.5 air pollution: a case for action beyond 2021. World Bank Publications. https://doi.org/10.1596/978-1-4648-1816-5
  • Wu, Q., Chou, R.K., & Lu, J. (2020). How does air pollution-induced fund-manager mood affect stock markets in China? Journal of Behavioral and Experimental Finance, 28, 100399. doi:10.1016/j.jbef.2020.100399
  • Wu, Q., Hao, Y., & Lu, J. (2018). Air pollution, stock returns, and trading activities in China. Pacific-Basin Finance Journal, 51, 342–365. https://doi.org/10.1016/j.pacfin.2018.08.018
  • Xu, M., Wang, Y., & Tu, Y. (2021). Uncovering the invisible effect of air pollution on stock returns: a moderation and mediation analysis. Finance Research Letters, 39, 10166. https://doi.org/10.1016/j.frl.2020.101646