000			02679cam a22003617 4500
001			w22753
003			NBER
005			20211020105123.0
006			m o d
007			cr cnu||||||||
008			210910s2016 mau fo 000 0 eng d
100	1		_aHeyes, Anthony.
245	1	4	_aThe Effect of Air Pollution on Investor Behavior: _bEvidence from the S&P 500 / _cAnthony Heyes, Matthew Neidell, Soodeh Saberian.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2016.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w22753
500			_aOctober 2016.
520	3		_aWe provide detailed empirical evidence of a direct effect of air pollution on the efficient operation of the New York Stock Exchange, linking short-term variations in fine particulate matter (PM2.5) in Manhattan to movements in the S&P 500. The effects are substantial - a one standard deviation increases in ambient PM2.5 reduces same-day returns by 11.9% in our preferred specification - and remarkably robust to a variety of specifications and a battery of robustness and falsification checks. Furthermore, the intra-day effects that we observe are difficult to reconcile with competing hypotheses. Despite investors being dispersed geographically we find strong evidence that the effect is strictly local in nature, consistent with the high concentration of market influencers in New York. While we are agnostic as to the underlying mechanism, we provide evidence suggestive of the role of decreased risk tolerance operating through pollution-induced changes in mood or cognitive function.
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	_aG02 - Behavioral Finance: Underlying Principles _2Journal of Economic Literature class.
690		7	_aJ24 - Human Capital • Skills • Occupational Choice • Labor Productivity _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		_aNeidell, Matthew. _933081
700	1		_aSaberian, Soodeh.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w22753.
856	4	0	_uhttps://www.nber.org/papers/w22753
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w22753
942			_2ddc _cW-PAPER
999			_c325369 _d283931