Does mood affect trading behavior?

被引：41

作者：

Kaustia, Markku ^{[1
]}

Rantapuska, Elias ^{[1
]}

机构：

[1] Aalto Univ, Sch Business, Dept Finance, POB 21210, Helsinki 00076, Finland

来源：

JOURNAL OF FINANCIAL MARKETS | 2016年 / 29卷

关键词：

Mood; Trading behavior; Weather; Seasonal affective disorder (SAD); Stock market; STOCK RETURNS; INVESTOR SENTIMENT; WEATHER; PERFORMANCE; PSYCHOLOGY; PATTERNS; LATITUDE; SUNSHINE; IMPACT; SHINE;

D O I：

10.1016/j.finmar.2015.08.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The assumption that mood affects investors' behavior in the field is gaining acceptance due to experimental studies and papers linking stock returns with environmental variables, such as weather and length of day. To identify mood effects this paper utilizes account level stock trading data from all investors in Finland, a country with significant variation in weather and length of day. While some weather-related mood variables and calendar effects are individually significant, little of the day-to-day variation in trading is collectively explained by all such factors. In contrast, we find strong seasonal lower frequency patterns that seem connected to vacations. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：1 / 26

页数：26

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