Undlad at offentliggøre negative børsmeddelelser, når vejret er dårligt

I et forskningspapir påstås det, at analytikere og investorer reagerer mere negativt på dårlige børsmeddelelser, når vejret er dårligt end når det er godt. Ren psykologi? Ja. ”Building on research in psychology, we predict that unpleasant weather negatively affects capital market participants’ moods and activity levels, causing a muted response to information events. Exploiting within firm-quarter tests, we find that analysts experiencing unpleasant weather are less likely to update their reports following earnings announcements relative to analysts experiencing pleasant weather. At the market level, we find a muted initial price response and larger subsequent price drift for firms that announce earnings when New York City weather is unpleasant. Our tests are consistent with weatherinduced bad moods impeding the efficiency of market participants’ responses to earnings news.”