The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Good Day Sunshine: Stock Returns and the Weather
Abstract
Psychological evidence and casual intuition predict that sunny weather is associated with upbeat mood. This paper examines the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index returns across 26 countries from 1982 to 1997. Sunshine is strongly significantly correlated with stock returns. After controlling for sunshine, rain and snow are unrelated to returns. Substantial use of weather‐based strategies was optimal for a trader with very low transactions costs. However, because these strategies involve frequent trades, fairly modest costs eliminate the gains. These findings are difficult to reconcile with fully rational price setting.
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Cites
Schwarz, N., & Clore, G. L. (1983) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.45.3.513 · Cited by 4,952
Mood and judgment: The affect infusion model (AIM).
Forgas, J. P. (1995) · Psychological Bulletin · doi:10.1037/0033-2909.117.1.39 · Cited by 3,470
The Role of Emotions in Marketing
Bagozzi, R. P., Gopinath, M., & Nyer, P. U. (1999) · Journal of the Academy of Marketing Science · doi:10.1177/0092070399272005 · Cited by 3,349
Out of Control: Visceral Influences on Behavior
Loewenstein, G. (1996) · Organizational Behavior and Human Decision Processes · doi:10.1006/obhd.1996.0028 · Cited by 2,610
Thinking too much: Introspection can reduce the quality of preferences and decisions.
Wilson, T. D., & Schooler, J. W. (1991) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.60.2.181 · Cited by 1,417
Cited by
Twitter mood predicts the stock market
Bollen, J., Mao, H., & Zeng, X. (2011) · Journal of Computational Science · doi:10.1016/j.jocs.2010.12.007 · Cited by 5,206
Lerner, J. S., Li, Y., Valdesolo, P., & Kassam, K. S. (2015) · Annual Review of Psychology · doi:10.1146/annurev-psych-010213-115043 · Cited by 2,913
Psychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows
HARTZMARK, S. M., & SUSSMAN, A. B. (2019) · The Journal of Finance · doi:10.1111/jofi.12841 · Cited by 1,711
The Sum of All FEARS Investor Sentiment and Asset Prices
Da, Z., Engelberg, J., & Gao, P. (2015) · Review of Financial Studies · doi:10.1093/rfs/hhu072 · Cited by 1,379
Metadata
- Authors
- Hirshleifer, D., & Shumway, T.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2003-05-06
- Volume
- 58
- Issue
- 3
- Pages
- 1009-1032
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3121409256
- Cited by
- 1,713
- References
- 5
- FWCI
- 36.43
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
