Weather, Stock Returns, and the Impact of Localized Trading Behavior
通过多种方法证明纳斯达克股票交易存在本地化现象，但发现公司所在城市的阴天天气对其股票回报几乎没有影响，无法提供盈利机会。
Abstract We document by several methods that trading in Nasdaq stocks is localized, but find little evidence that cloudy weather in the city in which a company is based affects its returns. The first evidence of localized trading is that the time zone of a company's headquarters affects intraday trading patterns in its stock. Second, firms in blizzard-struck cities see a dramatic trading volume drop compared to firms in other cities. Third, the Yom Kippur holiday dampens trading volume in companies located in cities with high Jewish populations. Despite the strong evidence of localized trading, cloudy conditions near the firm's headquarters do not provide profitable trading opportunities.