Flight to quality – Gold mining shares versus gold bullion

Dirk G. Baur, Philipp Prange and Karsten Schweikert

Journal of International Financial Markets, Institutions and Money, 2021, vol. 71, issue C

Abstract: This paper uses a large sample of gold mining companies traded on four stock markets to identify different types of flight to gold. After extreme financial shocks, we observe that investors flee from stocks including gold mining shares to gold bullion. However, if the financial shock is less extreme, investors only flee from stocks excluding gold mining shares. This highlights that the study of gold mining companies provides important additional information in the context of flight to quality and safe haven effects.

Keywords: Gold; Safe haven; Flight to quality; Gold mining; Financial shocks (search for similar items in EconPapers)
JEL-codes: G01 G11 G14 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:71:y:2021:i:c:s1042443121000159

DOI: 10.1016/j.intfin.2021.101296

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