Effect of Ap-Index of Geomagnetic Activity on S&P 500 Stock Market Return
Effect of Ap-Index of Geomagnetic Activity on S&P 500 Stock Market Return
复制标题
地磁活动Ap指数对S的影响
DOI：
10.1155/2019/2748062
复制
发表时间：
2019
影响因子：
1.4
通讯作者：
Pan Jingwen
中科院分区：
文献类型：
--
作者：
Peng Lifang;Li Ning;Pan Jingwen
具有全球影响的地磁活动是空间天气研究的重要对象，是太阳风-磁层耦合过程中的重要环节。迄今为止的研究提供了强有力的证据，证明地磁活动通过影响人类健康、情绪和行为来影响股票投资决策。因此，本研究探讨地磁活动与股票市场报酬之间的经验关联。总体而言，我们发现地磁活动对美国股市的回报率产生了负面影响。此外，市场流动性有效地放大了地磁活动的影响。与以往文献不同的是，这种影响并不是主要由地磁活动的半年变化引起的。本文的研究有助于将地磁指数引入金融经济学研究地磁活动对股票市场收益的影响。
Geomagnetic activity with global influence is an essential object of space weather research and is a significant link in the section of the solar wind‐magnetospheric coupling process. Research so far provides strong evidence that geomagnetic activity affects stock investment decisions by influencing human health, mood, and human behaviours. Therefore, this research investigates the empirical association between geomagnetic activity and stock market return. Overall, we find that geomagnetic activity exerts a negative influence on the return of the US stock market. Further, market liquidity effectively magnifies the effect of geomagnetic activity. Inconsistent with previous literature, this effect is not mainly caused by the semiannual variation of geomagnetic activity. Our research contributes to the introduction of geomagnetic indices to financial economics studies on the impact of geomagnetic activity influence on stock market return.