haku: @journal_id 7 / yhteensä: 1856
viite: 35 / 1856
| Tekijä: | Kamstra, M. J. Kramer, L. A. Levi, M. D. |
| Otsikko: | Winter Blues: A SAD Stock Market Cycle |
| Lehti: | American Economic Review
2003 : MAR, VOL. 93:1, p. 324-343 |
| Asiasana: | STOCK MARKETS ECONOMICS MODELS RISK |
| Kieli: | eng |
| Tiivistelmä: | Depression has been linked with seasonal affective disorder (SAD), a condition that affects many people during the seasons of relatively fewer hours of daylight. Experimental research in psychology has documented a clear link between depression and lowered risk-taking behavior in a wide range of settings, including those of a financial nature. The authors model differences in the seasonal variation of daylight across countries to capture the influence of daylight on human sentiment, risk tolerance, and hence stock returns. The authors' results strongly support a SAD effect in the seasonal cycle of stock returns that is both significant and substantial, even after controlling for well-known market seasonals and other environmental factors. |
SCIMA