| Summary: | 碩士 === 國立東華大學 === 財務金融學系 === 107 === This research mainly analyzes the impact of air quality on individual investors’ transactions. Since environment, such as weather, can affect investors’ behavior through both attention and sentiment, this study aims to clarify how air quality affects investors. We test the trading behavior of individual investors through brokerage branch data and find out that air quality can affect individual investors through their sentiment, but attention cannot explain the impact of air quality on investors. When air quality is good, individual investors are in a better mood, feeling optimistic about stock market, and therefore invest more positively, thus result in higher transaction turnover and poor performance due to over-active investment. On the other hand, we also find that air quality and institutional investors trading behavior is not significant.
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