Do Cloudy Days Affect Stock Exchange Returns: Evidence from Istanbul Stock Exchange

Ekrem Tufan · Bahattin Hamarat

42 citations0/0 files storedDergiPark (Istanbul University)

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Financial Markets and Investment Strategies Financial Risk and Volatility Modeling Stock Market Forecasting Methods

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 the relation between cloudy days at the Istanbul Stock Exchange 100 (ISE100) Index returns and the weak form efficiency for ISE with a different approach. It has been found that cloudy days are not the cause of or have no relationship with ISE 100 Index returns and also that there exists an evidence of weak form efficiency for Turkish stock market.

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References

2003Good Day Sunshine: Stock Returns and the Weather 2003Spanish Stock Returns: Where is the Weather Effect?1997Stocks and the weather: An exercise in data mining or yet another capital market anomaly?2002Rain or Shine: Where is the Weather Effect?

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