Anthony Heyes

Department of Economics
University of Ottawa
Faculty of Social Sciences
120 University, Room 9029
Ottawa CANADA K1N 6N5

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: University of Ottawa

NBER Working Papers and Publications

October 2016The Effect of Air Pollution on Investor Behavior: Evidence from the S&P 500
with Matthew Neidell, Soodeh Saberian: w22753
We provide detailed empirical evidence of a direct effect of air pollution on the efficient operation of the New York Stock Exchange, linking short-term variations in fine particulate matter (PM2.5) in Manhattan to movements in the S&P 500. The effects are substantial – a one standard deviation increases in ambient PM2.5 reduces same-day returns by 11.9% in our preferred specification – and remarkably robust to a variety of specifications and a battery of robustness and falsification checks. Furthermore, the intra-day effects that we observe are difficult to reconcile with competing hypotheses. Despite investors being dispersed geographically we find strong evidence that the effect is strictly local in nature, consistent with the high concentration of market influencers in New York. While ...
February 2016Supply and Demand for Discrimination: Strategic Revelation of Own Characteristics in a Trust Game
with John A. List: w21953
There is a large and diverse body of evidence that people condition their behavior on the characteristics of others. If type is visible then one agent seeing another with whom they are interacting, or observing some other close proxy for type, can affect outcomes. We explore the economics of revealing type in a simple laboratory experiment to learn about the underlying motivations for discrimination.

Published: Anthony Heyes & John A. List, 2016. "Supply and Demand for Discrimination: Strategic Revelation of Own Characteristics in a Trust Game," American Economic Review, American Economic Association, vol. 106(5), pages 319-23, May. citation courtesy of

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