Are Investors Affected by the Weather Conditions: Evidence from the Istanbul Stock Exchange

Ekrem Tufan and Bahattin Hamarat

Istanbul Stock Exchange Review, 2006, vol. 8, issue 31, 31-41

Abstract: Market anomalies in stock markets should be related to investors’ trading strategies, which are based on their psychologies along with other factors. The fact that some weather variables affect investor’s performance and mood can also affect market prices substantially. This paper examines cloudy, rainy and snowy days affect on the Istanbul Stock Exchange 100 (ISE-100) Index returns and the weak form efficiency for the ISE with a different approach. It has been found that cloudy and rainy days do not affect on ISE-100 Index returns while snowy days do. It has also been found that there exists evidence in favor of inefficiency of Turkish stock market in weak form.

Keywords: Weather effect; ISE; Kruskal Wallis Test; Mann Whitney U Test and Unit Root Test. (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bor:iserev:v:8:y:2006:i:31:p:31-41

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