Jacobsen, Ben; Marquering, Wessel - In: Journal of Banking & Finance 32 (2008) 4, pp. 526-540
We show that results in the recent strand of the literature, which tries to explain stock returns by weather induced mood shifts of investors, might be data-driven inference. More specifically, we consider two recent studies [Kamstra, Mark J., Kramer, Lisa A., Levi, Maurice D., 2003a. Winter...