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When Stock Market Investors Breathe Polluted Air

In: Entrepreneurship, Business and Economics - Vol. 2

Author

Listed:
  • Ender Demir

    (Istanbul Medeniyet University)

  • Oguz Ersan

    (Yeditepe University)

Abstract

The finance literature documents a strong relationship between mood effects and stock market returns. Air pollution is one of the factors affecting people both physiologically and mentally. This study examines the impact of air pollution sourced mood change on stock returns in Turkey. We find that lag of air pollution in the three most populated cities of Turkey where the majority of investors live is negatively related to stock returns, even when other variables are controlled. On the contrary, the relationship doesn’t exist for the air pollution in other cities of Turkey.

Suggested Citation

  • Ender Demir & Oguz Ersan, 2016. "When Stock Market Investors Breathe Polluted Air," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis (ed.), Entrepreneurship, Business and Economics - Vol. 2, edition 1, pages 705-720, Springer.
    • Handle: RePEc:spr:eurchp:978-3-319-27573-4_46
    DOI: 10.1007/978-3-319-27573-4_46
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    Cited by:

    1. Su, Yuandong & Lu, Xinjie & Zeng, Qing & Huang, Dengshi, 2022. "Good air quality and stock market returns," Research in International Business and Finance, Elsevier, vol. 62(C).
    2. Jianhua Tan & Kam C. Chan & Yining Chen, 2022. "The impact of air pollution on the cost of debt financing: Evidence from the bond market," Business Strategy and the Environment, Wiley Blackwell, vol. 31(1), pages 464-482, January.

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