Do markets react to weather? Stock price reactions to weather alerts
研究了天气警报对股票价格的影响，发现市场对天气警报有负面反应，尤其在警报严重或涉及多种天气现象时更明显，且对天气敏感行业及小盘高增长公司影响更大。
This paper examines the impact of weather alerts on stock prices. Using an event-study methodology, we show that the market responds negatively to weather alerts. This reaction is more pronounced when alerts indicate severe impact or involve multiple weather phenomena. Furthermore, firms operating in weather-sensitive industries as well as smaller, high-risk and high-growth firms listed on the junior growth market, experience significantly more negative stock returns. However, frequent updates about the alerts mitigate the negative market impact. Overall, the findings suggest that investors incorporate weather alerts into asset pricing, highlighting the importance of providing regular information during extreme weather events.