An empirical investigation of the interlinkages of stock returns and the weather at the Indian Stock Exchange (original) (raw)

Academy of Strategic Management Journal, 2018

Abstract

This paper investigated the effect of three weather factors (temperature, humidity and wind speed), on the returns of the Indian stock indices (BSE Sensex and S&P CNX Nifty). This study examined how weather affected the Movement and relationship of top stock market indices in India. The study used the monthly data of weather, in five sample cities (Chennai, Mumbai, Delhi, Kolkata and Hyderabad), in India. Statistical tools like Descriptive Statistics, Correlation Matrix and Granger Causality Test were used for the analysis. This study found that the temperature influenced the investors’ mood in Bangalore, in respect of BSE Sensex and Kolkata & Mumbai, in respect of CNX Nifty and Humidity influenced Mumbai, in respect of CNX Nifty.

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