The impact of air pollution on crude oil futures market
研究了空气污染如何影响原油期货市场，发现空气污染不显著影响回报，但会降低波动性和流动性，且影响随距纽约商品交易所距离增加而减弱。
Abstract This study investigates whether and how air pollution can affect the crude oil futures market. The results indicate that, although air pollution does not significantly affect oil returns, it does have a significant negative impact on volatility and liquidity in the crude oil futures market in the presence of pit trading. Furthermore, air pollution near the New York Mercantile Exchange (NYMEX) negatively affects both volatility and liquidity, whereas the effect magnitude diminishes as the distance from the NYMEX increases. In general, this study reveals that air pollution affects investors in the crude oil futures market directly through its physical or cognitive impact.