论文标题：Stock Returns, weather, and air conditioning

　　发表时间：2019

　　论文所有作者：Jie Hou, Wendong Shi, Jingwei Sun

　　期刊名及所属分类：Plos One(国际SSCI or SCI)

　　英文摘要：This study investigates the relationship between stock returns and local weather through a new channel-the influence of the air-cooling system installed in the New York Stock Exchange (NYSE). To our knowledge, we are the first to employ the use of air conditioning to examine whether and how weather, especially excessively high temperature, and other factors affect stock returns. Using data for 1885-1914, we show that lower Dow Jones Average (DJA) returns were significantly associated with hotness before the NYSE trading rooms were equipped with the cooling system in 1903, whereas this correlation is largely weakened afterward. We also find that before the introduction of the air-cooling system, the negative effect of high temperatures on stock returns was stronger when the precipitation was lower.

　　中文摘要：本研究通过一个新的渠道-在纽约证券交易所(NYSE)安装的空气冷却系统的影响来调查股票收益和当地天气之间的关系。据我们所知，我们首先利用空调的使用来考察天气，特别是温度过高等因素是否以及如何影响股票收益。利用1885年至1914年的数据，我们发现，在1903年纽约证交所交易室安装冷却系统之前，较低的道琼斯平均指数(DJA)回报率与热度显著相关，而在此之后，这种相关性大幅减弱。我们还发现，在引入空冷系统之前，降水越少，高温对股票收益的负面影响越大。