时间：3月14日（周四）下午15:00-16:00

地点：湖南大学财院校区行政楼713会议室

题目：Local air pollution and stock returns

主讲人：潘郭钦

主讲人简介：

潘郭钦，湖南大学经济与贸易学院2015级博士研究生，导师为许和连教授。2017年8月至2018年8月，获国家留学基金委资助在美国堪萨斯大学经济系进行为期一年的国家公派博士联合培养，美国导师为Cai Zongwu教授，主要研究方向为国际贸易，环境经济与政策建模。

内容提要：

The natural environment has a close relationship with people’s behaviour, and thus can have significant impacts on the economic output by influencing people’s decisions. This study estimates the effects of daily local air pollution on firm’s stock returns by using straw burning as exogenous shock to local air quality in harvest seasons in China. The results show that when straw burning increases the ambient air pollution levels in local areas to a large extent after three lagged days, the stock returns decrease significantly. We also find that the impact of air pollution on stock returns might be caused by the changes in investor mood. Our study offers an important counter-example for the hypothesis of efficient markets and reveals an important link between controlling air pollution and growth of capital markets.