Weather‐Induced Positive Sentiment and Insider Trading
研究发现，内幕人员所在地的日照增加会引发积极情绪，导致他们更多买入自家股票，但后续表现更差；过度乐观是背后的机制，且受个人特征影响。
ABSTRACT Exploiting variations in sunshine exposure near insiders' locations, we find that weather‐induced positive sentiment leads to higher insider purchases, albeit with lower performance. Overoptimism induced by abnormally good weather serves as the underlying mechanism. The effect is more pronounced when insiders' purchase decisions are fuelled by their optimistic interpretation of perceived private information. Insiders' personal characteristics, including executive ranks, age, gender, and educational qualifications, also moderate the effect. Our findings highlight the important yet overlooked influence of weather‐induced sentiment on insider trading.