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Erscheinungsjahr: 
2020
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[Journal:] Junior Management Science (JUMS) [ISSN:] 2942-1861 [Volume:] 5 [Issue:] 3 [Year:] 2020 [Pages:] 295-311
Verlag: 
Junior Management Science e. V., Planegg
Zusammenfassung: 
Weather affects people's mood, according to psychological studies. For example, low temperature can cause aggression, whereas high temperature can induce apathy. Therefore, it may be possible that weather-influenced mood, driven by mood's impact on decision-making, exerts an influence on investment decisions and risk-taking behaviour. Thereby, it might also impact stock market returns. I examine market returns of nine industries in Germany. Empirical results illustrate two findings. First, a statistically significant, negative correlation between market returns and temperature, second, a different effect of weather on industrial sectors is identified. A significant correlation can be found for six out of nine sectors.
Schlagwörter: 
Stock markets
investor behaviour
weather effect
market returns
decision-making
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