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| Author: | Hirshleifer, D. Shumway, T. |
| Title: | Good day sunshine: stock returns and the weather |
| Journal: | Journal of Finance
2003 : JUN, VOL. 58:3, p. 1009-1032 |
| Index terms: | Market conditions Stock exchanges Stock returns Individual behaviour Psychology |
| Language: | eng |
| Abstract: | Psychological evidence and casual intuition predict that sunny weather is associated with upbeat model. The authors examine the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index return across 26 countries from 1982 to 1997. Sunshine is strongly significantly correlated with stock returns. Substantial use of weatherbased strategies was optimal for a trader with very low transactions costs. |
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