Motivated by psychology research showing that individual mood is affected by weather and daylight savings changes respectively, Saunders (AER, 1993) and Kamstra et al (AER, 2000) find that stock prices are systematically related to these economically-neutral events. These results provide a...

Motivated by psychology research showing that individual mood is affected by weather and daylight savings changes respectively, Saunders (American Economic Review 83, 1337-1345, 1993) and Kamstra et al. (American Economic Review 90, 1005-1011, 2000) find that stock prices are systematically...