This study examines the relationship between the weather and intraday investor sentiment. Our results indicate that high temperatures, high humidity, high cloud coverage, and extreme rain negatively affect investors’ moods, whereas high winds and long sunshine durations improve their moods....

The COVID-19 pandemic has led global investors to draw a parallel between pandemics and climate risk, focusing their attention on climate risk. We examine COVID-19’s effect on investors’ awareness of climate risk by analyzing novel trading data for Korean listed firms that include investor...

We develop a life-cycle OLG model with heterogeneous characteristics for population share, work probability, survival rate, labor productivity, subjective discount rate, and intertemporal elasticity of substitution. We can observe the deviations in financial decisions and asset accumulation...

This study examines the roles of funding liquidity in shaping the relationship between stock price synchronicity and equity market liquidity. We find that market liquidity and stock price synchronicity exhibit a downward-sloping relationship, contradicting the relative synchronicity hypothesis....

We study options market participants’ trading behavior before and after the options multiplier increases. After the options multiplier increases, the options market becomes more efficient. By analyzing the high-frequency microstructure dataset, we show that local retail and local institutional...

This study develops a life-cycle model to predict an overlapping generations economy comprising heterogeneous agents. In the proposed model, ex-ante heterogeneity involves the work probability, survival rate, subjective discount rate, and intertemporal elasticity of substitution. We observe...

This study examines the relationship between the weather and intraday investor sentiment. Our results indicate that high temperatures, high humidity, high cloud coverage, and extreme rain negatively affect investors’ moods, whereas high winds and long sunshine durations improve their moods....