Weather-Induced Mood, Institutional Investors, and Stock Returns
研究发现天气影响机构投资者对股票错误定价的感知和交易决策，阴天增加卖出倾向，投资者乐观情绪推高套利成本高的股票收益，且情绪相似的股票收益同步变动。
This study shows that weather-based indicators of mood impact perceptions of mispricing and trading decisions of institutional investors. Using survey and disaggregated trade data, we show that relatively cloudier days increase perceived overpricing in individual stocks and the Dow Jones Industrial Index and increase selling propensities of institutions. We introduce stock-level measures of investor mood; investor optimism positively impacts stock returns among stocks with higher arbitrage costs, and stocks experiencing similar investor mood exhibit return comovement. These findings complement existing studies on how weather impacts stock index returns and identify another channel through which it can manifest.