This paper uses a large sample of gold mining companies traded on four stock markets to identify different types of flight to gold. After extreme financial shocks, we observe that investors flee from stocks including gold mining shares to gold bullion. However, if the financial shock is less extreme, investors only flee from stocks excluding gold mining shares. This highlights that the study of gold mining companies provides important additional information in the context of flight to quality and safe haven effects.

中文翻译：

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追求质量–黄金矿业股与金条

本文使用了在四个股票市场上交易的大量金矿开采公司的样本，以确定不同类型的黄金交易。在遭受严重的金融冲击之后，我们观察到投资者从包括黄金开采股在内的股票逃到了金条。但是，如果金融冲击不太严重，则投资者只会逃离不包括黄金开采股的股票。这凸显出，对黄金开采公司的研究为逃避质量和避风港的影响提供了重要的附加信息。