Loughran, Tim; Schultz, Paul - In: Journal of Financial and Quantitative Analysis 39 (2004) 02, pp. 343-364
We document by several methods that trading in Nasdaq stocks is localized, but find little evidence that cloudy weather in the city in which a company is based affects its returns. The first evidence of localized trading is that the time zone of a company's headquarters affects intraday trading...