The Emperical Research On Haze Weather And Stock Returns

The traditional finance to fully rational investors theoretical premise, ignoring the impact of the psychological, emotional and other factors on investment behavior, in order to build efficient market theory, which was the mainstream finance. But with changing times, more and more financial market anomalies can not be explained by traditional financial theory, such as calendar effects, herding. Faced with these visions, experts and scholars from abroad began to affect the study of human psychology and behavior of stock prices, behavioral finance emerged. Behavioral Finance denied the people of this perfectly rational assumption that the vast majority of investors are irrational, these irrational investment behavior will affect the stock price, thus resulting in a large number of financial vision. Research shows that experts and scholars at home and abroad such as weather, sunshine duration, air plane crash, earthquake will affect people's psychological and emotional, thereby affecting people's expectations for the future and judgments reflected in the financial market will lead to fluctuations in stock prices. This article is in this theoretical background to complete.In recent years, the frequent occurrence of fog and haze, seriously affected the production and life of our people, fog and haze began to attract the attention of society. February 29,2012 Ministry of Environmental Protection released the "Ambient Air Quality Standards" (GB 3095-2012), also released another standard, is the "Ambient Air Quality Index (AQI) technical requirements (Trial)" (HJ 633-2012). December 2013, the State Environmental Protection Agency began in the major cities to detect air quality, real-time release AQI index.2015 "under the dome" Chaijing documentary data to show the source of haze and harm caused by huge social repercussions, and after the release of the first documentary Chaijing trading, environmental protection sector stocks rose collective, far more than the central bank cut interest rates affect the time. This study is also in the background of this reality performed.The main purpose of this paper is to find a measure of air quality and environmental protection plate AQI index, the coal sector, the new energy sector on behalf of their respective sector's stock prices over the past two years, whether there is a correlation, which AQI index is based on the country daily AQI data 32 major cities were weighted index representative of the formation of the national air quality. Through empirical research on AQI index associated with the sector index stocks, trying to prove that rapid change AQI index will affect investor psychology and behavior change investors' expectations for the future of the industry, and thus the relevant sectors and stocks prices have a positive or negative role in the formation and use of appropriate strategies to obtain excess returns using AQI index.