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| Author: | Goetzmann, W.N. Zhu, N. |
| Title: | Rain or shine: Where is the weather effect? |
| Journal: | European Financial Management
2005 : NOV, VOL. 11:5, p. 559-578 |
| Index terms: | Decision making Emotions Individual behaviour Market efficiency Stock exchanges Trading USA |
| Language: | eng |
| Abstract: | This paper discusses the impact of emotions on decision making. An analysis of the weather effect on the trading activity in five US cities over a six-year period indicates that the weather does not influence on individuals' aptitude for buying or selling. If the association between cloud cover and stock returns is caused by investor mood swings, researchers should concentrate on the attitudes of market-makers, news providers or other agents physically located in the city hosting the exchange. When the behaviour of market-makers, rather than individual investors', is better controlled, the weather effect becomes insignificant. |
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