EAN: 9783954890569

ANCHOR COMPACT THE EFFECT OF WEATHER ON STOCK...

One renowned and frequently researched anomaly over the last two decades is the weather effect
more precisely  the impact of weather on stock market returns. The extensive literature on the
weather effect fails to converge towards a unique  systematic and robust relationship between
the weather  and the stock market. Therefore  the aim of this paper is to explain the
contradictory results in the literature by testing whether stock prices are affected by the
weather in a significantly different manner depending on the level of market development  and
explaining how this difference behaves over time. In order to test for this  city-by-city 
pooled and binary regressions are employed using data of 10 developed  and 10 emerging
countries over the period 1996-2011 by using two different means of seasonal adjustment.

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