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Influence of weather on New Zealand financial securities

Influence of weather on New Zealand financial securities The present study examines the influence of four independent facets of the local weather in the two major cities of New Zealand on the interest rates of bank bills and government bonds and the returns of stock indices. Factor analysis of the local weather variables generates four independent facets measuring temperature, sunshine, wind in Auckland and wind in Wellington. The analysis is based on a repeated measures design. Two results, which are consistent within a given financial security, are observed. The prices of bank bills are positively influenced by the level of the sunshine factor. The prices of stock indices are negatively influenced by the level of the Wellington wind factor. The influence of the level of sunshine on the returns of stock indices is susceptible to two interpretations. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Accounting & Finance Wiley

Influence of weather on New Zealand financial securities

Accounting & Finance , Volume 45 (3) – Nov 1, 2005

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References (17)

Publisher
Wiley
Copyright
Copyright © 2005 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0810-5391
eISSN
1467-629X
DOI
10.1111/j.1467-629x.2004.00135.x
Publisher site
See Article on Publisher Site

Abstract

The present study examines the influence of four independent facets of the local weather in the two major cities of New Zealand on the interest rates of bank bills and government bonds and the returns of stock indices. Factor analysis of the local weather variables generates four independent facets measuring temperature, sunshine, wind in Auckland and wind in Wellington. The analysis is based on a repeated measures design. Two results, which are consistent within a given financial security, are observed. The prices of bank bills are positively influenced by the level of the sunshine factor. The prices of stock indices are negatively influenced by the level of the Wellington wind factor. The influence of the level of sunshine on the returns of stock indices is susceptible to two interpretations.

Journal

Accounting & FinanceWiley

Published: Nov 1, 2005

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