Does air pollution influence investor trading behavior? Evidence from China |
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| Institution: | 1. Collaborative Innovation Center on Climate and Meteorological Disasters, Nanjing University of Information Science & Technology, Nanjing, 210044, China;2. School of Economics and Management, Nanjing University of Information Science & Technology, Nanjing, 210044, China;3. National Climate Center, Beijing, 10081, China |
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| Abstract: | Building on the research linking environmental factors to investor mood, we posit that there is a negative relation between air pollution and individual trading strategies. Through an analysis of unique individual transaction data, our results show that air pollution negatively influences individual investors' propensity to buy and positively influences investors' propensity to sell. We find obvious heterogeneity effects across different investor, stock and city characteristics. The effects are even larger for investors with less investment experience and for those living in heavily polluted cities. This study is crucial for establishing an association between air pollution and individual trading activities. |
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