资源描述:
《4 1993 Stock Prices and Wall Street Weather.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、AmericanEconomicAssociationStockPricesandWallStreetWeatherAuthor(s):EdwardM.Saunders,Jr.Reviewedwork(s):Source:TheAmericanEconomicReview,Vol.83,No.5(Dec.,1993),pp.1337-1345Publishedby:AmericanEconomicAssociationStableURL:http://www.jstor.org/stable/2117565.Access
2、ed:12/03/201208:55YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderang
3、eofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.AmericanEconomicAssociationiscollaboratingwithJSTORtodigitize,preserveandexte
4、ndaccesstoTheAmericanEconomicReview.http://www.jstor.orgStockPricesandWallStreetWeatherByEDWARDM.SAUNDERS,JR.*Weatherhasbeenshowntohavesignifi-Theorganizationofthepaperisasfol-canteffectsonhumanbehaviorinbothclin-lows.SectionIdescribesthedataandar-icalandsurveyps
5、ychologicalexperiments,guesthatthereisnoeconomicrationaleforcorroboratingthemooddifferenceswealltheeffectoflocalweatheronsecurityprices.oftenexperienceonovercastorrainydaysSectionIIpresentsmethodologyandtests.comparedtobright,sunnydays.1ThispaperSectionIIIprovide
6、sconclusions.teststhenullhypothesisthatstockpricesfromexchangesinNewYorkCityhavenotI.DatabeensystematicallyaffectedbylocalweatheragainstthealternativehypothesisthatstockThispaperstudiestherelationbetweenpriceshavebeensystematicallyaffectedbylocalNewYorkCityweathe
7、randdailylocalweather.Rejectionofthenullhypoth-changesinindexesoflistedstocksinNewesissupportstheviewthatsecuritymarketsYorkCity.Therefore,possibleunsystematicaresystematicallyinfluencedbyinvestorinfluenceofweatheronfactorsofproduc-psychologyandarguesforincluding
8、behav-tioniseffectivelyeliminatedthroughdiver-ioralvariablesinmodelsofasset-pricing.Insification.Spurioussystematiccorrelationaddition,rejectionofthenullhypoth