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- Publisher Website: 10.1016/j.jfineco.2019.09.003
- Scopus: eid_2-s2.0-85074495782
- WOS: WOS:000709772800008
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Article: Air Pollution, Behavioral Bias, and the Disposition Effect in China
Title | Air Pollution, Behavioral Bias, and the Disposition Effect in China |
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Authors | |
Keywords | Air pollution The disposition effect Mutual funds |
Issue Date | 2021 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec |
Citation | Journal of Financial Economics, 2021, v. 142 n. 2, p. 641-673 How to Cite? |
Abstract | Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism. |
Persistent Identifier | http://hdl.handle.net/10722/283986 |
ISSN | 2023 Impact Factor: 10.4 2023 SCImago Journal Rankings: 13.655 |
SSRN | |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Li, JJ | - |
dc.contributor.author | Massa, M | - |
dc.contributor.author | Zhang, H | - |
dc.contributor.author | Zhang, J | - |
dc.date.accessioned | 2020-07-20T05:55:07Z | - |
dc.date.available | 2020-07-20T05:55:07Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Journal of Financial Economics, 2021, v. 142 n. 2, p. 641-673 | - |
dc.identifier.issn | 0304-405X | - |
dc.identifier.uri | http://hdl.handle.net/10722/283986 | - |
dc.description.abstract | Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism. | - |
dc.language | eng | - |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec | - |
dc.relation.ispartof | Journal of Financial Economics | - |
dc.subject | Air pollution | - |
dc.subject | The disposition effect | - |
dc.subject | Mutual funds | - |
dc.title | Air Pollution, Behavioral Bias, and the Disposition Effect in China | - |
dc.type | Article | - |
dc.identifier.email | Zhang, J: zhangj1@HKUCC-COM.hku.hk | - |
dc.identifier.authority | Zhang, J=rp02698 | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.jfineco.2019.09.003 | - |
dc.identifier.scopus | eid_2-s2.0-85074495782 | - |
dc.identifier.hkuros | 310797 | - |
dc.identifier.volume | Epub 2019-10-15 | - |
dc.identifier.volume | 142 | - |
dc.identifier.issue | 2 | - |
dc.identifier.spage | 641 | - |
dc.identifier.epage | 673 | - |
dc.identifier.isi | WOS:000709772800008 | - |
dc.publisher.place | Netherlands | - |
dc.identifier.ssrn | 2993763 | - |
dc.identifier.issnl | 0304-405X | - |