文章基本信息

标题：ANALYZING WEATHER EFFECT ON ISTANBUL STOCK EXCHANGE: An Empirical Analysis For 1987-2006 Period
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作者：Gülfen TUNA
期刊名称：Economics and Finance Review
电子版ISSN：2047-0401
出版年度：2014
卷号：3
期号：8
页码：17-25
出版社：Global Research Society
摘要：In this study, the effect of weather on Istanbul Stock Exchange (ISE) for the period between January/11/1987 toDecmber/31/2006 is analyzed. While ISE100 index is used to represent Istanbul Stock Exchange`s return,cloudiness and humidity values are used as weather variables. For the selected period; variance, average andthe hypothesis of medians equality with daily data were tested in the study. While the relationship between theweather variables and stock returns is tested, weak-form efficiency test in ISE is performed at the same time, inthe study. Obtained data support that ISE is not affected by the selected weather variables; thus, there is anefficient market in the weak-form. In other words; developing new investment strategies would not give effectiveresults for ISE and excessive profits cannot be obtained.
关键词：Weather Effect; Efficient Market Hypotesis; Behavioral Finance; Stock Returns