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Does tropical weather condition affect investor behaviour? Case of Indonesian stock market

Author

Listed:
  • Rayenda Khresna Brahmana
  • Chee-Wooi Hooy
  • Zamri Ahmad

Abstract

Several studies have been employed to discuss the link between weather and market returns. However, our research is different in three ways. We employed in tropical country, added extreme condition, and covering the entire Indonesia weather proportionally. This paper revisits the weather-induced moods effect on economic behaviour and found that weather condition, namely temperature level, and clouds cover has no influences on market returns and trading volume over period from 1999 to 2012. This research does not find any evidence of a link between temperature and market return because the tropical situation in Indonesia. However, cloud cover has an effect on the market; implying a role of affection bias in investor behaviour.

Suggested Citation

  • Rayenda Khresna Brahmana & Chee-Wooi Hooy & Zamri Ahmad, 2015. "Does tropical weather condition affect investor behaviour? Case of Indonesian stock market," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 17(2), pages 188-202.
    • Handle: RePEc:ids:gbusec:v:17:y:2015:i:2:p:188-202
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    Cited by:

    1. Anya Khanthavit, 2017. "Instrumental-Variable Estimation of Bangkok-Weather Effects in the Stock Exchange of Thailand," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 13(1), pages 83-111.
    2. Su, Yuandong & Liang, Chao & Zhang, Li & Zeng, Qing, 2022. "Uncover the response of the U.S grain commodity market on El Niño–Southern Oscillation," International Review of Economics & Finance, Elsevier, vol. 81(C), pages 98-112.

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