(Jan. 24, 2013) -- Chances are you or someone you know has suffered from the flu within the past few months. In fact, this winter, the U.S. Centers for Disease Control and Prevention (CDC) has reported some of the highest levels of influenza in several years. But, your health may not be the only thing that suffers during a flu epidemic. In fact, stock market trading activity decreases when flu incidence is high, according to a new study by John Wald, UTSA professor of finance in the College of Business.
The study, "Do Stock Markets Catch the Flu?" is forthcoming in the Journal of Financial and Quantitative Analysis. Wald and his co-authors examined the impact of influenza on stock markets, studying the New York Stock Exchange (NYSE) for trading activity and the CDC and Google Flu Trends to measure flu activity in and outside the United States over 13 years.
The results noted that in the United States, a higher incidence of flu is associated with decreased trading, decreased volatility, decreased returns and higher bid-ask spreads. Consistent with the flu affecting institutional investors and market makers, the decrease in trading activity and volatility is primarily driven by the incidence of influenza in the New York City area. However, the effect of the flu on bid-ask spreads and returns is related to the incidence of flu nationally. International data confirm their findings of a decrease in trading activity and returns when flu incidence is high.
So, should investors be wary of flu season? Wald says: "The importance of local flu effects on financial markets suggests that it may be important for companies to urge their key employees to get a flu shot."
The annual Student Affairs Conference provides invaluable professional development opportunities for all UTSA Student Affairs staff as well as faculty and staff throughout UTSA and other local institutions.
H-E-B Student Union Ballroom (HSU 1.104), Main Campus
Conversations on Science and Art is hosted by UTSA Art Collection and UT Health San Antonio Research. It features an interview with artist, remarks by VP for Research Dr. Andrea Giuffrida, followed by a roundtable QA with curator Arturo Almeida.
South Texas Research Facility, Lobby 8403 Floyd Curl Dr. San Antonio
Campers in 9th grade through college will receive instruction and coaching on agility testing and position specific drills to refine and improve his skillset as a football player.
Recreational Field Complex, Main Campus
Inspired by UTSA's renowned Mexican Cookbook Collection, the evening features cuisine and spirits of celebrated chefs from San Antonio and Mexico.
Hotel Emma, 136 E. Grayson St., San Antonio
Experience a fun, interactive week at UTSA as new students and their families take the first steps to becoming a Roadrunner.
Various locations, Main Campus
Campers 6-12 years old will enjoy the summer learning to read, write and speak the Chinese language. They also will learn about the Chinese culture such as martial arts, painting and drawing, arts and crafts and more.
Confucius Institute at UTSA (MB 1.208), Main Campus
Campers 7th grade and up will focus on individual development with emphasis on simplifying and teaching the specific skills and movements associated with the game. Serving, passing, setting, attacking and individual defense will all be covered. In addition, team concepts will be emphasized.
Convocation Center, Main Campus
Celebrate Texas' diversity with authentic ethnic cuisine, music, dance, arts and crafts from the many countries that make up the rich heritage of Texas.
UTSA Institute of Texan Cultures, Hemisfair Campus
The University of Texas at San Antonio is dedicated to the advancement of knowledge through research and discovery, teaching and learning, community engagement and public service. As an institution of access and excellence, UTSA embraces multicultural traditions and serves as a center for intellectual and creative resources as well as a catalyst for socioeconomic development and the commercialization of intellectual property - for Texas, the nation and the world.
To be a premier public research university, providing access to educational excellence and preparing citizen leaders for the global environment.
We encourage an environment of dialogue and discovery, where integrity, excellence, inclusiveness, respect, collaboration and innovation are fostered.