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Are Investors Affected by the Weather Conditions: Evidence from the Istanbul Stock Exchange

Author

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  • Ekrem Tufan
  • Bahattin Hamarat

Abstract

Market anomalies in stock markets should be related to investors’ trading strategies, which are based on their psychologies along with other factors. The fact that some weather variables affect investor’s performance and mood can also affect market prices substantially. This paper examines cloudy, rainy and snowy days affect on the Istanbul Stock Exchange 100 (ISE-100) Index returns and the weak form efficiency for the ISE with a different approach. It has been found that cloudy and rainy days do not affect on ISE-100 Index returns while snowy days do. It has also been found that there exists evidence in favor of inefficiency of Turkish stock market in weak form.

Suggested Citation

  • Ekrem Tufan & Bahattin Hamarat, 2006. "Are Investors Affected by the Weather Conditions: Evidence from the Istanbul Stock Exchange," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 8(31), pages 31-41.
    • Handle: RePEc:bor:iserev:v:8:y:2006:i:31:p:31-41
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    File URL: http://www.borsaistanbul.com/datum/imkbdergi/EN/ISE_Review_31.pdf
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    Cited by:

    1. Svetlana Vlady & Ekrem Tufan & Bahattin Hamarat, 2011. "Causality Of Weather Conditions In Australian Stock Equity Returns," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(16), pages 161-175, April.

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