Air Pollution, Mood and Stock Return in Romania

Aurora Murgea ()
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Aurora Murgea: West University of Timisoara, Faculty of Economics and Business Administration, Romania

Ovidius University Annals, Economic Sciences Series, 2022, vol. XXII, issue 2, 943-952

Abstract: Considered one of the major threats of our times for the human species, air pollution was proven to have multiple psychological, social and economic effects. In the last two decades, the relationship between air pollution and the stock market was analysed mainly for the Chinese stock market, with very few papers oriented towards other markets. The present paper tries to fulfil this gap by exploring this relationship for the Romanian stock market. The main results show that relative pollution values (mainly PM10) and pollution awareness impact stock returns in Bucharest Stock Market, in line with the assumption of the Mood Maintenance Hypothesis.

Keywords: pollution; mood misattribution; risk aversion; stock returns (search for similar items in EconPapers)
JEL-codes: D91 E44 E71 G41 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xxii:y:2022:i:2:p:943-952

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