文章基本信息

标题：The Role of Weather on Investors’ Monday Irrationality: Insights from Malaysia
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作者：Rayenda Brahmana ; Chee Wooi Hooy ; Zamri Ahmad 等
期刊名称：Współczesna Ekonomia
印刷版ISSN：1897-9254
出版年度：2014
卷号：8
期号：2
页码：175-190
DOI：10.5709/ce.1897-9254.139
出版社：VIZJA Press & IT
摘要：Evidence supporting the weekend effect, also known as Monday Irrationality, has shown that con- ventional finance is unable to follow a rational behavior assumption. Many scholars have proposed a behavioral approach to explain this phenomenon; however, few studies have investigated this ef- fec t empirically. Interestingly, literature on weather patterns and the preliminary results of our study have identified a particular weather cycle that occurs on Mondays, when the temperature in Malay- sia is higher compared with other days. Therefore, this paper aims to investigate the role of weather on investors' Monday irrationality. By analyzing the market index and size-based portfolio formation model from 1999 to 2010, this research study found that the weather influenced investors' mood, causing anomalous conditions in the market. Our findings conclude that the mood of investors plays an important role on investment decisions and the resulting Monday irrationality of investors
关键词：weather; monday irrationality; psychological finance; malaysian stock market