| At the time when the haze weather has brought people with great inconvenience to their jobs and lives and air quality has become an urgent-resolved livelihood issues,the PM2.5 concept stocks and stocks in pollution industries have been launched into the stock market in our country.In this paper,the main research contents are the air quality index’s impact on investors’ trade behavior,PM2.5 stocks and polluting industries stock returns and the mediation effect of investors’ trade behavior impact analysis.This paper mainly divided into five chapters,the first chapter is the introduction which introduces the research background and significance of air quality issues.Literature review section introduces the previous literature on weather indexes such as cloud cover rate,temperature,illumination for investors mood swings,the impact of air quality on the stock market effect in previous literature,the research mentality,the framework,the research significance and the innovation place.The second chapter displays the overview for air quality and the stock market.The third chapter is the theoretical analysis of air quality impact on PM2.5 stocks and polluting industries’ stock investors,trade behavior and stock returns and puts forward three conduction path hypotheses.Theoretical predictions for air quality index and negatively correlated with two classes of stock returns;For two classes of investors trade behavior affect symmetry,in the opposite direction,and PM2.5 stocks investors trade behavior was positively related with polluting industry stock investors trade behavior negatively correlated;Investors trade behavior was positively correlated with two classes of stock returns.The fourth chapter is the empirical part.Air quality index of PM2.5 stocks and the test result of the stock returns of AQI polluting industry and PM2.5 returns on stocks in the t stage,t-1 stage and t-2 stage coefficient is positive.the current and lag period significantly,and polluting industry stock returns in t stage is negative,t-1 stage and t-2 stage coefficient is positive,and significant lag one and two phase coefficient.Amplitude was negatively correlated with two classes of shares and the negative correlation of polluting industries stock amplitude to a greater extent than PM2.5 concept stock amplitude.Air quality index influence stock returns the conduction path of PM2.5 stocks stock and polluting industries are established.Air quality index of PM2.5 in stocks and bought a net rate of regression coefficient is positive,the polluting industries in the stock and bought a net rate of regression coefficient is negative but not significant,show that air quality index affecting the behavior of investors trade conduction path only for PM2.5 stocks was established.Two kinds of stock investor’s trade behavior and stock gains are significant positive correlate.Through the intermediary effect test result,investor behavior in air quality index plays an intermediary conduction effect influence stock returns.Finally compared to air pollution(AQI>200)found that three conduction path effects are more significant.Fifth chapter is the conclusions and recommendations section.Based on the selected topic angle,both theoretical and empirical demonstration part innovation,firstly,PM2.5 stocks and polluting industries shares as the research object,this paper compares and analyzes the difference in the literature for the overall stock market impact conditions for analysis and detailed the different plates,the performance of the stock market research;Secondly puts forward and demonstrates the air quality index and investors trade behavior,Internet interactive mechanism between stock returns three conduction path has certain theoretical research significance;Finally in the empirical part in addition to the analysis of PM2.5 stocks and polluting industries shares whether symmetrical also discussed the influence of effect when the air quality index more than 200,highlights the generated when the significant effect of air pollution. |
PDF Full Text Request