Standard economic theory presumes invariant preferences. We refute this presumption on chronobiological grounds, documenting seasonal affective impact on investors' demand for Initial Public Offerings (IPOs). We find that seasonal mood substantially influences short-, mid-, and long-run IPO...

We investigate return patterns of lottery-type-stocks around FDA announcements regarding New-Drug-Applications (NDAs), Biological-Licensing-Applications (BLAs), and New-Molecule-Entities (NMEs). Focusing on post-event returns, we document negative abnormal returns (‘bio-run-down’) for the...