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Do Cloudy Days Affect Stock Exchange Returns?: Evidence from Istanbul Stock Exchange

Ekrem Tufan
Anadolu University

Bahattin Hamarat
Onsekiz Mart University - College of Tourism and Hotel Management

Journal of Naval Science and Engineering, Vol. 2, No.1, pp.117-126, January 2004

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 the relation between cloudy days at the Istanbul Stock Exchange 100 (ISE100) Index returns and the weak form efficiency for ISE with a different approach. It has been found that cloudy days are not the cause of or have no relationship with ISE 100 Index returns and also that there exists an evidence of weak form efficiency for Turkish stock market.

Keywords: Weather effect, ISE, Kruskal Wallis and Unit Root Test

JEL Classifications: G12, G14

Accepted Paper Series

Date posted: May 18, 2004 ; Last revised: May 19, 2004

Suggested Citation

Tufan, Ekrem and Hamarat, Bahattin, Do Cloudy Days Affect Stock Exchange Returns?: Evidence from Istanbul Stock Exchange. Journal of Naval Science and Engineering, Vol. 2, No.1, pp.117-126, January 2004. Available at SSRN: http://ssrn.com/abstract=546702

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Contact Information

Ekrem Tufan (Contact Author) Anadolu University ( email ) Cevatpasa Mah. M. Akif Ersoy Cad. Nergis Canakkale 17100 Turkey +90 286 213 02 61 (Phone) +90 286 212 98 64 (Fax)
Bahattin Hamarat Onsekiz Mart University - College of Tourism and Hotel Management ( email ) Canakkale Onsekiz Mart Uni. Terzioglu Kampusu Canakkale 17100 Turkey +90 286 218 00 18 (Phone)

Abstract

Citations (1)

Date posted: May 18, 2004 ; Last revised: May 19, 2004

Suggested Citation

Contact Information

Ekrem Tufan (Contact Author)

Bahattin Hamarat