The impact of air pollution on Taiwan\'s stock market

• Main Authors: Xiao,Yu-Zhen, 蕭鈺蓁
• Other Authors: Wu,Ming-Cheng
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/bt936c

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 107 === In recent years, the issues related to air pollution have gradually received public attention, air pollution not only endangers our environment, health and mood, but also affect the stock market? This topic is interesting. Our study period was from 2009 to 2017, and the sample used the closing price of TAIEX 、 PM2.5、SO2 as the main variable. The empirical results show that the higher the PM2.5, the lower the TAIEX, and whether it is in the TSE31 or TWFE, there are the same finding. The possible reason is that high PM2.5 lets investors have a bad mood, so they reduce their willingness to invest. And air pollution will also cause the stock market to be violent, SO2 and historical volatility show a significant positive relationship. Finally, when PM2.5 is under the influence of high wind speed, it will increase the TAIEX, which is an interesting finding.