000			02906cam a22003857 4500
001			w24048
003			NBER
005			20211020104722.0
006			m o d
007			cr cnu||||||||
008			210910s2017 mau fo 000 0 eng d
100	1		_aMeyer, Steffen.
245	1	0	_aFresh Air Eases Work – The Effect of Air Quality on Individual Investor Activity / _cSteffen Meyer, Michaela Pagel.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2017.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w24048
500			_aNovember 2017.
520	3		_aThis paper shows that air quality has a significantly negative effect on the likelihood of individual investors to sit down, log in, and trade in their brokerage accounts controlling for investor-, weather-, traffic-, and market-specific factors. In perspective, a one standard deviation increase in fine particulate matter leads to the same reduction in the probability of logging in and trading as a one standard deviation increase in sunshine. We document this effect for low levels of pollution that are commonly found throughout the developed world. As individual investor trading can be a proxy for everyday cognitively-demanding tasks such as office work, our findings suggest that the negative effects of pollution on white-collar work productivity are much more severe than previously thought. To our knowledge, this is the first study to demonstrate a negative impact of pollution on a measure of white-collar productivity at the individual level in a western country.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD14 - Household Saving • Personal Finance _2Journal of Economic Literature class.
690		7	_aG11 - Portfolio Choice • Investment Decisions _2Journal of Economic Literature class.
690		7	_aJ22 - Time Allocation and Labor Supply _2Journal of Economic Literature class.
690		7	_aJ24 - Human Capital • Skills • Occupational Choice • Labor Productivity _2Journal of Economic Literature class.
690		7	_aQ51 - Valuation of Environmental Effects _2Journal of Economic Literature class.
690		7	_aQ53 - Air Pollution • Water Pollution • Noise • Hazardous Waste • Solid Waste • Recycling _2Journal of Economic Literature class.
700	1		_aPagel, Michaela.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w24048.
856	4	0	_uhttps://www.nber.org/papers/w24048
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w24048
942			_2ddc _cW-PAPER
999			_c324074 _d282636