آیا نوسانات بازار سهام توسط ترس مهاجرت هدایت می شود؟

This paper examines whether a part of the volatility of equity markets can be trace back to migration fear sentiments of investors. In doing so, we use a novel data set of migration fear indexes based on newspaper coverage for the US, Germany, France and the UK. Our results show that – especially for Germany – stock market volatility has been significantly affected by migration fear. This effect is in particular observed for the period around 2015 – the top of the European migrant crisis.