Abnormal temperature and retail investors' trading behavior

被引：3
|
作者：
Liu, Huajin [1 ]
Zhang, Wei [1 ,2 ]
Zhang, Xiaotao [1 ,2 ]
Li, Donghui [3 ]
机构：
[1] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China
[2] Tianjin Univ, China Ctr Social Comp & Analyt, Tianjin, Peoples R China
[3] Shenzhen Univ, Coll Econ, Shenzhen 518060, Guangdong, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 55卷
基金：
中国国家自然科学基金;
关键词：
Global warming; Abnormal temperature; Account data; Asset allocation decision;
D O I：
10.1016/j.frl.2023.103944
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Growing attention is being directed toward the influence of climate risks on financial markets. This paper reveals that individual investors in the Chinese stock market have integrated climate risk into their investment decisions. Abnormally high temperatures stimulate individual investors' belief in global warming, which in turn affect their stock selection preferences. During periods of abnormally high local temperatures, we observe a shift in individual investors' assets from high-emission companies to low-emission companies. This behavior is driven by both firm valuations and ethical considerations, with evidence of synchronization between stock prices and investor actions.
引用
收藏
页数：8
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