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1、AmericanEconomicAssociationStockPricesandWallStreetWeatherAuthor(s):EdwardM.Saunders,Jr.Reviewedwork(s):Source:TheAmericanEconomicReview,Vol.83,No.5(Dec.,1993),pp.1337-1345Publishedby:AmericanEconomicAssociationStableURL:http://www.jstor.org/stable/2117565.Access
2、ed:12/03/201208:55YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderang
3、eofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.AmericanEconomicAssociationiscollaboratingwithJSTORtodigitize,preserveandexte
4、ndaccesstoTheAmericanEconomicReview.http://www.jstor.orgStockPricesandWallStreetWeatherByEDWARDM.SAUNDERS,JR.*Weatherhasbeenshowntohavesignifi-Theorganizationofthepaperisasfol-canteffectsonhumanbehaviorinbothclin-lows.SectionIdescribesthedataandar-icalandsurveyps
5、ychologicalexperiments,guesthatthereisnoeconomicrationaleforcorroboratingthemooddifferenceswealltheeffectoflocalweatheronsecurityprices.oftenexperienceonovercastorrainydaysSectionIIpresentsmethodologyandtests.comparedtobright,sunnydays.1ThispaperSectionIIIprovide
6、sconclusions.teststhenullhypothesisthatstockpricesfromexchangesinNewYorkCityhavenotI.DatabeensystematicallyaffectedbylocalweatheragainstthealternativehypothesisthatstockThispaperstudiestherelationbetweenpriceshavebeensystematicallyaffectedbylocalNewYorkCityweathe
7、randdailylocalweather.Rejectionofthenullhypoth-changesinindexesoflistedstocksinNewesissupportstheviewthatsecuritymarketsYorkCity.Therefore,possibleunsystematicaresystematicallyinfluencedbyinvestorinfluenceofweatheronfactorsofproduc-psychologyandarguesforincluding
8、behav-tioniseffectivelyeliminatedthroughdiver-ioralvariablesinmodelsofasset-pricing.Insification.Spurioussystematiccorrelationaddition,rejectionofthenullhypoth
