TY  - UNPD
A1  - Kaustia, Markku
A1  - Rantapuska, Elias
T1  - Does mood affect trading behavior?
T2  - SAFE working paper series ; No. 4
N2  - We test whether investor mood affects trading with data on all stock market transactions in Finland, utilizing variation in daylight and local weather. We find some evidence that environmental mood variables (local weather, length of day, daylight saving and lunar phase) affect investors’ direction of trade and volume. The effect magnitudes are roughly comparable to those of classical seasonals, such as the Monday effect. The statistical significance of the mood variables is weak in many cases, however. Only very little of the day-to-day variation in trading is collectively explained by all mood variables and calendar effects, but lower frequency variation seems connected to holiday seasons.
T3  - SAFE working paper - 4 
KW  - mood
KW  - seasonal affective disorder (SAD)
KW  - weather
KW  - trading behavior
KW  - stock market
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/29373
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-293731
UR  - http://ssrn.com/abstract=2209665
IS  - Version 9 November 2012
PB  - Goethe-Univ., House of Finance, Sustainable Architecture for Finance in Europe, SAFE
CY  - Frankfurt am Main
ER  -