| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 102 === In this study, McTier, Tse, and Wald (2013) is followed up to examine whether flu infection and emergency-related diseases containing flu like, diarrhea, enterovirus infection, herpangina, and hand-foot-and-mouth disease consultation affect Taiwan stock markets in the period of 2003 to 2013. In order to conduct further investigation, different regions, age formation, and gender are studied to make a more general analysis. In Taiwan, flu incidence and emergency-related diseases consultation rates in the whole Taiwan, metropolitan area (Taipei City, New Taipei City, Taichung City, Tainan City, and Kaohsiung City), and Taipei City are associated with lower trading activity, that is, less dollar volume, trading shares, and turnover. Also, the stock markets returns and volatility decline as the flu infection and emergency-related diseases consultation increase. On the other hand, the higher consultation rates of emergency-related diseases in firm headquartered regions, the less trading activity, returns and volatility. Furthermore, not only working-aged people (age 15 to 64) who are infected with flu or emergency-related diseases have an influence on trading activity, returns, and volatility, but also children (age 0-14) and elder people (age 65 and over) do have a significant effect. Male and female, however, do not have a significant effect on trading activity. While more female catch flu, stock returns and volatility decline. For spread, there is no distinct effect relative to the results of trading activity, returns, and volatility; moreover, the results are not quite consistent.
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