| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 101 === Research in psychology has shown that temperature significantly affects mood and mood changes in turn cause behavioral changes. Lots of academic scholars investigated whether stock market returns are related to temperature. This paper is mainly to find out whether the weather factors (like temperature, temperature difference and rain) is revealed to stock market in different period(season or 24 solar terms).
Evidence shows that the rain highly related to the stock market in spring, fall and winter. Besides, the temperature difference highly related to the stock market in spring and fall. It is also found out that the temperature highly negatively relate to the stock market in four solar terms : Rain Water, Grain Rain, Lesser Heat and White Dew. And the relationship between temperature difference and the stock market is highly positive in two solar terms: Rain Water and the Waking of Insects.
In addition, we take a test to make sure that deciding the investment target by temperature is credible. If the temperature is lower than yesterday, we buy in stocks of this industry. The result shows that the mean percentage of win is over 50%, and the paper and finance industry are the two of the highest.
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