Bad Day Sunshine: Stock Returns and the Weather (German Edition)

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Law and Order or Weather Conditions. European Financial Management, 11 5 , Rational or weather influence. European Financial Management, 9 2 , Geomagnetic storms and international stock markets No. Working paper, Federal Reserve Bank of Atlanta. Weather, biorhythms, beliefs and stock returns—some preliminary Irish evidence. International Review of Financial Analysis, 14 3 , A comprehensive assessment of climate effects in the Australian stock market. Weather effects on returns: Therefore, spending time at the accommodation is inevitable to some extent.

Good Day Sunshine : Stock Returns and the Weather ∗

In this respect, it also appeared that the completed activities had been planned before traveling to Martinique. Plans and activities were more often cancelled or postponed. One participant emphasized that he would determine the daily local weather conditions and then plan activities for the following day accordingly. Certain cold country participants commented that an earlier time of the year would be considered for a repeat visit. Moreover, factors other than the weather were considered to be more important at times.

Another aspect mentioned in this context was that the weather insecurities were easier to accept with a lower price level during shoulder seasons. Therefore, the following hypothesis is suggested: With respect to the explorative objectives of this study and the lack of a desire for absolute thresholds, this factor may be of minor importance. Different travel motivations may have an impact on weather evaluations and the weather-related choice of activities.

This pilot study examined weather perceptions and tourist behavior on a small tropical island, specifically, Martinique.

The location of this study has a number of important implications: When considering the destination, weather variables seem to be — at least partly — implicit. Weather variables only become an explicit issue when the weather conditions at the destination differ from the expectations. The impact of bad weather on in-situ tourist behavior may depend on a large set of factors, including different weather parameters such as temperature, precipitation, and wind but additionally, the climate at home, the duration of stay, the type of activities available, the availability of alternative activities, and mobility.

Personality factors may also be significant, but this area was not covered in our study. Similarly, participants arriving from cold climate countries seemed more determined to undertake their planned outdoor activities than their warm climate counterparts, which may also be connected to the long distances traveled to an exotic destination, e. Similarly, first-time visitors appeared to be more determined to undertake specific activities that were planned prior to travel than were repeat visitors.

Here, cognitive dissonance Festinger, could be a factor.

Travelers originating from cold countries can be expected to experience a level of cognitive dissonance. This dissonance would be the result of high costs distance traveled, time and money spent and reduced holiday quality in terms of weather. The theory assumes that individuals tend to reduce dissonance by adapting evaluations or attitudes. In the case of this study, reducing dissonance would lead to better perceptions and evaluations of the holiday stay in general.

The results provided some evidence in this direction. It is unlikely that weather perceptions are subject to such a process; however, without an internal cognitive dissonance reducing mechanism, the evaluations of weather might have been worse.

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Certain respondents exhibit remarkable adaptive capacity in coping with the weather. Strategies used by interviewees included the following: Adhering to plans, even when the weather was not optimal for the activity;. Changing plans with respect to activities, thus leading to a behavioral shift visiting a cultural heritage attraction instead of a day on the beach.

Adaptation can occur either as an immediate reaction to experienced weather changes or as an indirect reaction to upcoming weather events. The choice of adaptive behavior seems to depend on visitor characteristics e. More broadly, the climate-related destination choice can be considered an adaptation process or active mood regulation activity. This information had lowered their weather expectations, particularly with respect to sunshine.

EconPapers: Good Day Sunshine: Stock Returns and the Weather

However, warm climate respondents were overall less dependent on weather conditions, and these conditions appeared to be relatively insignificant in their destination choice. The model expands beyond mere statements of the observed world, but it is not a fully functioning theory. It may, however, be helpful in organizing empirical information and in structuring further research. These processes are linked to weather and climate at home, weather preferences and motivation, and weather expectations and acceptance.

The cognitive and emotional processes involved may be implicit or explicit. The data collected support the assumption that these processes become more explicit with unexpected developments unusual weather , especially when the weather is adverse to the anticipated holiday experiences and activities.

Of course, many other destination- and home-related factors also influence tourist wants and behaviors, including personal abilities and motivation cf. These factors are not depicted in the conceptual model. The study may serve as a basis for future research, especially with respect to the behavioral responses of leisure tourists to projected climate change dynamics in holiday destinations, and the conceptual model may provide a useful framework. Emphasis should be given to the exploration of the role of tourist adaptation and adaptive capacity.

Jon Martin D enstadli , Jens Kr. Qualitative Social Research , vol. Philipp M ayring , Qualitative Inhaltsanalyse. Grundlagen und Technike , Beltz Verlag, Trends, Development, Prospects , Routledge, P earce , Tourist Behaviour. Themes and Conceptual Schemes , Channel View, Murray P eel , Bryan L.

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