Dangerous infectious diseases: Bad news for Main Street, good news for Wall Street?

被引：109

作者：

Donadelli, Michael ^{[1
]}

Kizys, Renatas ^{[2
]}

Riedel, Max ^{[1
]}

机构：

[1] Goethe Univ Frankfurt, Res Ctr SAFE, Theodor W Adorno Pl 3, D-60323 Frankfurt, Germany

[2] Univ Portsmouth, Portsmouth Business Sch, Subject Grp Econ & Finance, Richmond Bldg,Portland St, Portsmouth PO1 3DE, Hants, England

来源：

JOURNAL OF FINANCIAL MARKETS | 2017年 / 35卷

关键词：

WHO alerts; Investor sentiment; Pharmaceutical industry; Trading strategies; INVESTOR SENTIMENT; STOCK RETURNS; PHARMACEUTICAL COMPANIES; MARKET; IMPACT; MEDIA; WEATHER; PRICES; RISK; HISTORY;

D O I：

10.1016/j.finmar.2016.12.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether investor mood, driven by World Health Organization (WHO) alerts and media news on dangerous infectious diseases, is priced in pharmaceutical companies' stocks in the United States. We argue that disease-related news (DRNs) should not trigger rational trading. We find that DRNs have a positive and significant sentiment effect among investors (on Wall Street). The effect is stronger (weaker) for small (large) companies, who are less (more) likely to engage in the development of new vaccines. A potential negative investor climate (on Main Street) - induced by disease-related fear-does not alter the positive sentiment effect. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：84 / 103

页数：20

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