Is there relationship between air quality and China’s stock market? Evidence from industrial heterogeneity
Bibliographic Data
| ID | 15068102 |
|---|---|
| Authors | Ge Song (0000-0002-1118-1850, Qilu University of Technology), Zhiqing Xia (Qilu University of Technology, corresponding author), Kai-Hua Wang (0000-0002-3075-0131, Qingdao University), Otilia Manta (0000-0002-9411-7925, Romania Academy, Financial and Monetary Research Center – Victor Slavescu, Bucharest, Romania) |
| Year | 2023 |
| Volume | 36 |
| Issue | 1 |
| Pages | 2320-2340 |
| Publication date | 2023-03-31 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economic Research-Ekonomska Istraživanja (JOURNAL) |
| Journal identifiers | ISSN: 1331-677X • E-ISSN: 1848-9664 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/1331677x.2022.2097107 |
| OpenAlex | W4286008032 |
| Language | EN |
| Citations received | 1 |
| References cited | 64 |
This study investigates the unsymmetrical effect from air quality (AQ) to stock return (SR) in China’s different industries. Depending on quantile-on-quantile (QQ) test, it draws the important results in following aspects. For tourism, iron and steel, and automobile industries, their coefficient values between AQ and SR turn into negative from positive with deteriorating AQ. Conversely, the coefficients in the wind power, hydro power, thermal power, environmental protection, and medical equipment industries turn positive from negative. Some contributions are thus drawn when compared to existing literatures. Government industrial policy is regarded as an important supplement in explaining mechanism from AQ to SR, except investor sentiment. Industrial heterogeneity is seriously treated in this paper due to different industries have different responses to AQ. Besides, the QQ test is able to capture nexus between AQ and SR in specific quantiles through embedding non-parametric estimation into conventional quantile approach. Therefore, investors should avoid biased trading decisions under different air qualities. Meanwhile, government intervention is paid special attention when appearing serious air pollution
Air quality index · Business · China · Economics · Financial economics · Geography · Meteorology · Stock market · Air Quality and Health Impacts · Energy, Environment, Economic Growth · Market Dynamics and Volatility
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Particulate Pollution and the Productivity of Pear Packers
Oil prices, US stock return, and the dependence between their quantiles
Environmental regulation and green innovation
Renewable energy and technological innovation
Impacts of international oil price fluctuations on China’s PM2.5 concentrations
Air pollution, economic growth and health care expenditure
Dynamic relationship between the stock market and macroeconomy in China (1995–2018)
The threshold effect of environmental regulation on the green transition of the industrial economy in China
Dynamics in the co-movement of economic growth and stock return
A multivariate cointegration time series model and its applications in analysing stock markets in China
The dual effects of heterogeneous environmental regulation on the technological innovation of Chinese steel enterprises—Based on a high-dimensional fixed effects model
Air pollution and stock returns in the US
Does technological innovation bring destruction or creation to the labor market
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,33 |
| Citation span | 2023 - 2023 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |