| Summary: | 碩士 === 東海大學 === 會計學系 === 105 === In recent years, the awareness of environmental protection gradually rises and the public begins and to focus on their own health care, while governments continue to set new policies to reduce the harm to the environment and promote the development of the medical industry. According to the theory of planned behavior proposed by Ajzen and Fishbein (1988) and Ajzen (1991), they point out that attitudes, subjective norms and perceived behavior control may affect a person's behavioral intention then change his actual behavior. Therefore, this paper discusses the relationship between energy-related ETFs and medical-related ETFs. As the sample period comprises the 2008-09 global financial tsunami, this paper also compares above relationship in the financial crisis period and the follow-up period.
The empirical results show that the medical-related ETFs have higher return and lower risk than the energy-related ETFs. We find that the ETFs of traditional energy category have significant causal relationship with the medical-related ETFs during the crisis. In the regression analysis, we find a negative relationship between those two groups of ETFs during crisis period but little relationship in the follow-up period. This evidence shows that investors’ behavior may be influenced by the environmental awareness and the atmosphere of health during the crisis period. On the other hand, there is no equilibrium relationship between the price of the traditional energy-related ETFs and the medical-related ETFs.
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