Inside the mind of the market

Many factors influence the daily gyrations of the stock market, but the weather?

30th July, 2005

Many factors influence the daily gyrations of the stock market, but the weather? In a paper entitled “Weather, Biorhythms, Beliefs and Stock Returns'‘, Trinity college scholars Michael Dowling and Brian Lucey postulate that investors are unduly influenced by weather patterns and other irrelevant but mood changing variables. Variables that are “economically neutral but psychologically important'‘.

They find a “negative and significant relationship between rain and equity returns'‘ as well as evidence...

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