新鲜空气让工作更轻松--空气质量对个人投资者活动的影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2024-02-22 DOI:10.1093/rof/rfae005

Steffen Meyer, Michaela Pagel

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引用次数: 0

摘要

本文使用日内数据并控制了投资者、天气、交通和市场特定因素后表明，当时和滞后的空气污染对德国个人投资者登录其经纪账户并进行交易的可能性有显著的负面影响。空气污染每增加一个标准差，登录的概率就会降低 1.3%，这比日照每增加一个标准差所产生的影响要大。我们认为，空气污染的变化会影响对认知要求较高的任务（如交易）的生产率。我们的结果不受宏观经济生产力冲击、非线性或测量误差的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Fresh Air Eases Work—the Effect of Air Quality on Individual Investor Activity

This paper shows that contemporaneous and lagged air pollution significantly negatively affects the likelihood of German individual investors logging in and trading in their brokerage accounts, using intra-day data and controlling for investor-, weather-, traffic-, and market-specific factors. A one standard deviation increase in air pollution leads to a 1.3% reduction in the probability of logging in, which is larger than the response to a one standard deviation increase in sunshine. We argue that changes in air pollution affect productivity in cognitively demanding tasks, such as trading. Our results are robust to macroeconomic productivity shocks, non-linearities, or measurement errors.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.