How Air Quality Affect Health Industry Stock Returns
New Evidence From the Quantile-on-Quantile Regression
Bibliographic Data
| ID | 22076894 |
|---|---|
| Authors | Lu Liu (0000-0003-4638-9720, Ocean University of China), Kai-Hua Wang (0000-0002-3075-0131, Qingdao University, corresponding author), Yidong Xiao (The University of Tokyo) |
| Year | 2021 |
| Volume | 9 |
| Pages | 789510-789510 |
| Publication date | 2021-12-23 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Frontiers in Public Health (JOURNAL) |
| Journal identifiers | ISSN: 2296-2565 • E-ISSN: 2296-2565 |
| Publisher | Frontiers Media SA (PUBLISHER • CH) |
| DOI | 10.3389/fpubh.2021.789510 |
| PMID | 35004590 |
| OpenAlex | W4200516123 |
| Language | EN |
| Citations received | 2 |
| References cited | 100 |
This paper discusses the asymmetric effect of air quality (AQ) on stock returns (SR) in China's health industry through the quantile-on-quantile (QQ) regression method. Compared to prior literature, our study provides the following contributions. Government intervention, especially industrial policy, is considered a fresh and essential component of analyzing frameworks in addition to investors' physiology and psychology. Next, because of the heterogeneous responses from different industries to AQ, industrial heterogeneity is thus considered in this paper. In addition, the QQ method examines the effect of specific quantiles between variables and does not consider structural break and temporal lag effects. We obtain the following empirical results. First, the coefficients between AQ and SR in the health service and health technology industries change from positive to negative as AQ deteriorates. Second, AQ always positively influences the health business industry, but the values of the coefficients are larger in good air. In addition, different from other industries, the coefficients in the health equipment industry are negative, but the values of the coefficients change with AQ. The conclusions provide important references for investors and other market participants to avoid biased decisions due to poor AQ and pay attention to government industrial policies
Actuarial science · Business · Econometrics · Economic interventionism · Economics · Empirical evidence · Quantile · Quantile regression · Air Quality and Health Impacts · Energy, Environment, Economic Growth · Engineering · Global Health Care Issues · Psychology
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| Unique citing works | 2 |
|---|---|
| Citations per year | 0,67 |
| Citation span | 2023 - 2025 (3) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |