Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.ecolecon.2020.106810 |
Extreme heat and stock market activity | |
Jonathan Peillex, Imane El Ouadghiri, Mathieu Gomes, Jamil Jaballah | |
2020-09-10 | |
发表期刊 | Ecological Economics |
出版年 | 2020 |
英文摘要 | We aim to advance our understanding of the adverse effects of extreme temperatures by examining the extent to which high temperatures affect stock market activity. We address this question by analyzing the trading volumes on the French stock market on days when the weather in Paris is excessively hot over the period 1995–2019. Our empirical analyses show that, on average, trading volumes fall significantly (between 4% and 10%) when maximum daily temperatures exceed 30 °C (86 °F). The observed negative association is remarkably robust to a battery of alternative analyses such as bin tests, event studies, and time-series regressions controlling for any seasonal effects and financial market conditions. From a theoretical perspective, this study contributes to the literature on behavioral finance by demonstrating the existence of a “hot weather” effect on financial markets. It also offers important managerial and public policy implications. |
领域 | 资源环境 |
URL | 查看原文 |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/293934 |
专题 | 资源环境科学 |
推荐引用方式 GB/T 7714 | Jonathan Peillex, Imane El Ouadghiri, Mathieu Gomes, Jamil Jaballah. Extreme heat and stock market activity[J]. Ecological Economics,2020. |
APA | Jonathan Peillex, Imane El Ouadghiri, Mathieu Gomes, Jamil Jaballah.(2020).Extreme heat and stock market activity.Ecological Economics. |
MLA | Jonathan Peillex, Imane El Ouadghiri, Mathieu Gomes, Jamil Jaballah."Extreme heat and stock market activity".Ecological Economics (2020). |
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