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Is there still a weather anomaly? An investigation of stock and foreign exchange markets

Andrikopoulos, Athanasios; Wang, Changyu; Zheng, Min


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Dr Thanos Andrikopoulos
Lecturer in Finance & Programme Director BSc Financial Management at University of Hull

Changyu Wang

Min Zheng


Since Saunders (1993), there has been ongoing research on whether the weather can affect asset prices. Our study of the impact of weather on stock and foreign exchange (henceforth FX) markets shows that the weather has no effect during 2002–2018, suggesting that any effect may have dissipated after discovery as practitioners have tried to use investment vehicles to exploit it. The results indicate that mood changes caused by the weather do not significantly affect FX and stock returns.

Journal Article Type Article
Publication Date 2019-09
Journal Finance Research Letters
Print ISSN 1544-6123
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 30
Pages 51-59
APA6 Citation Andrikopoulos, A., Wang, C., & Zheng, M. (2019). Is there still a weather anomaly? An investigation of stock and foreign exchange markets. Finance research letters, 30, 51-59.
Keywords Weather; Mood; Stock market; Foreign exchange market; Behavioral finance
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Additional Information This is the accepted manuscript of an article published in Finance Research Letter, 2019. The version of record is available at the DOI link in this record.reserved.


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©2020, Elsevier. This manuscript version is made available under the CC-BY-NC-ND 4.0 license

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