自然影响：极端自然灾害会影响散户投资者吗？

IF 2.3 3区经济学 Q2 ECONOMICS

Journal of Economic Behavior & Organization Pub Date : 2025-03-03 DOI:10.1016/j.jebo.2025.106954

Mardy Chiah , Xiao Tian , Angel Zhong

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引用次数: 0

摘要

本研究调查了极端自然灾害对散户投资者交易行为的影响，重点关注澳大利亚的两个重大事件：2017年的飓风黛比和2019-2020年的黑色夏季森林大火。利用独特的交易级交易数据集，我们研究了散户投资者在这些时期是否表现出对交易具有环境、社会和治理（ESG）评级的股票的偏好。研究结果显示，在这些灾难发生后，散户投资者显著增加了对esg评级股票（尤其是高评级股票）的交易活动。这种行为表明，面对灾难性事件时，散户投资者对ESG绩效的认识和偏好有所提高。相比之下，机构投资者没有表现出类似的交易模式，这表明在市场不确定性加剧的时期，散户和机构投资者之间的投资策略存在分歧。尽管人们在自然灾害期间关注ESG，但我们发现，散户大量购买的ESG股票在自然灾害发生后的五天窗口内产生负回报。

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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Nature's impact: Do extreme natural disasters influence retail investors?

This study investigates the influence of extreme natural disasters on the trading behaviour of retail investors, focusing on two significant events in Australia: Cyclone Debbie in 2017 and the Black Summer bushfires in 2019–2020. Utilising a unique dataset of transaction-level trade data, we examine whether retail investors exhibit a preference for trading stocks with Environmental, Social, and Governance (ESG) ratings during these periods. The findings reveal that retail investors significantly increase their trading activities in ESG-rated stocks (especially high ratings) in the aftermath of these disasters. This behaviour suggests a heightened awareness and preference for ESG performance among retail investors when faced with catastrophic events. In contrast, institutional investors do not show similar trading patterns, indicating a divergence in investment strategies between retail and institutional investors during times of heightened market uncertainty. Despite awareness concerning ESG during natural disasters, we find that ESG stocks heavily purchased by retail investors generate negative returns in the five-day window subsequent to the natural disasters.

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来源期刊

Journal of Economic Behavior & Organization ECONOMICS-

CiteScore

3.80

自引率

9.10%

发文量

392

期刊介绍： The Journal of Economic Behavior and Organization is devoted to theoretical and empirical research concerning economic decision, organization and behavior and to economic change in all its aspects. Its specific purposes are to foster an improved understanding of how human cognitive, computational and informational characteristics influence the working of economic organizations and market economies and how an economy structural features lead to various types of micro and macro behavior, to changing patterns of development and to institutional evolution. Research with these purposes that explore the interrelations of economics with other disciplines such as biology, psychology, law, anthropology, sociology and mathematics is particularly welcome.