Empirical Economics

, Volume 22, Issue 4, pp 637–641

Stocks and the weather: An exercise in data mining or yet another capital market anomaly?

  • Walter Krämer
  • Ralf Runde

DOI: 10.1007/BF01205784

Cite this article as:
Krämer, W. & Runde, R. Empirical Economics (1997) 22: 637. doi:10.1007/BF01205784


We try to replicate the findings in Saunders (1993) that stock prices are “systematically affected by local weather”. Using German data, we find that whether or not the null hypothesis of no relationship can be rejected depends mostly on the way the null hypothesis is phrased, and that no systematic relationship seems to exist.

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Copyright information

© Physica-Verlag 1997

Authors and Affiliations

  • Walter Krämer
    • 1
  • Ralf Runde
    • 1
  1. 1.LS für Wirtschafts- und SozialstatistikUniversität DortmundDortmundGermany

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