Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide

Abstract We studied globally representative data to quantify how daily fine particulate matter (PM2.5) concentrations influence both daily stock market returns and volatility. Time-series analysis was applied on 47 city-level environmental and economic datasets and meta-analysis of the city-specific...

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Autores principales:	Simo-Pekka Kiihamäki, Marko Korhonen, Jouni J. K. Jaakkola
Formato:	article
Lenguaje:	EN
Publicado:	Nature Portfolio 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/320dd1c3773b426a8e892f7cb7c697c2
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spelling	oai:doaj.org-article:320dd1c3773b426a8e892f7cb7c697c22021-12-02T18:27:46ZAmbient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide10.1038/s41598-021-88041-w2045-2322https://doaj.org/article/320dd1c3773b426a8e892f7cb7c697c22021-04-01T00:00:00Zhttps://doi.org/10.1038/s41598-021-88041-whttps://doaj.org/toc/2045-2322Abstract We studied globally representative data to quantify how daily fine particulate matter (PM2.5) concentrations influence both daily stock market returns and volatility. Time-series analysis was applied on 47 city-level environmental and economic datasets and meta-analysis of the city-specific estimates was used to generate a global summary effect estimate. We found that, on average, a 10 μg/m3 increase in PM2.5 reduces same day returns by 1.2% (regression coefficient: − 0.012, 95% confidence interval: − 0.021, − 0.003) Based on a meta-regression, these associations are stronger in areas where the average PM2.5 concentrations are lower, the mean returns are higher, and where the local stock market capitalization is low. Our results suggest that a 10 μg/m3 increase in PM2.5 exposure increases stock market volatility by 0.2% (regression coefficient 0.002, 95% CI 0.000, 0.004), but the city-specific estimates were heterogeneous. Meta-regression analysis did not explain much of the between-city heterogeneity. Our results provide global evidence that short-term exposure to air pollution both reduces daily stock market returns and increases volatility.Simo-Pekka KiihamäkiMarko KorhonenJouni J. K. JaakkolaNature PortfolioarticleMedicineRScienceQENScientific Reports, Vol 11, Iss 1, Pp 1-11 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Simo-Pekka Kiihamäki Marko Korhonen Jouni J. K. Jaakkola Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
description	Abstract We studied globally representative data to quantify how daily fine particulate matter (PM2.5) concentrations influence both daily stock market returns and volatility. Time-series analysis was applied on 47 city-level environmental and economic datasets and meta-analysis of the city-specific estimates was used to generate a global summary effect estimate. We found that, on average, a 10 μg/m3 increase in PM2.5 reduces same day returns by 1.2% (regression coefficient: − 0.012, 95% confidence interval: − 0.021, − 0.003) Based on a meta-regression, these associations are stronger in areas where the average PM2.5 concentrations are lower, the mean returns are higher, and where the local stock market capitalization is low. Our results suggest that a 10 μg/m3 increase in PM2.5 exposure increases stock market volatility by 0.2% (regression coefficient 0.002, 95% CI 0.000, 0.004), but the city-specific estimates were heterogeneous. Meta-regression analysis did not explain much of the between-city heterogeneity. Our results provide global evidence that short-term exposure to air pollution both reduces daily stock market returns and increases volatility.
format	article
author	Simo-Pekka Kiihamäki Marko Korhonen Jouni J. K. Jaakkola
author_facet	Simo-Pekka Kiihamäki Marko Korhonen Jouni J. K. Jaakkola
author_sort	Simo-Pekka Kiihamäki
title	Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
title_short	Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
title_full	Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
title_fullStr	Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
title_full_unstemmed	Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
title_sort	ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide
publisher	Nature Portfolio
publishDate	2021
url	https://doaj.org/article/320dd1c3773b426a8e892f7cb7c697c2
work_keys_str_mv	AT simopekkakiihamaki ambientparticulateairpollutionanddailystockmarketreturnsandvolatilityin47citiesworldwide AT markokorhonen ambientparticulateairpollutionanddailystockmarketreturnsandvolatilityin47citiesworldwide AT jounijkjaakkola ambientparticulateairpollutionanddailystockmarketreturnsandvolatilityin47citiesworldwide
_version_	1718378031191425024

Ambient particulate air pollution and daily stock market returns and volatility in 47 cities worldwide

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