The Influence of Weather Conditions on Rates of Return of Polish Equity Indices

Krzysztof Borowski

International Journal of Economics and Finance, 2016, vol. 8, issue 4, 183-191

Abstract: The influence of the weather on human behavior have been featured in many, not only scientific publications. This paper tests the hypothesis that the one-session average rates of return of equity indices (WIG, WIG20, mWIG40 and sWIG80) calculated for the different weather conditions differ in two populations. The atmospheric conditions taken into consideration in this paper are as follows: maximum and minimum daily temperature, sunny hours, rainfall, maximum and average wind velocity, atmospheric pressure, snow depth, sun energy ultraviolet radiation index. In the analyzed period, the impact on the daily rates of return was observed in the case of the following weather conditions: maximum daily temperature, sunny hours, rainfall, maximum wind velocity and atmospheric pressure. The other analyzed weather conditions such as average wind velocity, minimum daily temperature, snow depth, sun energy ultraviolet radiation index, turned out to be irrelevant. Thus, the influence of some weather condition on registered rates of return on the Polish equity markets has been proved.

Keywords: market efficiency; weather influence; market anomalies; behavioral finance (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijefaa:v:8:y:2016:i:4:p:183-191

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