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The mood of a firm

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  • Lee, Li Way
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    Abstract

    Mood is information. A good mood signals a desire to cooperate; a bad mood warns of a determination to oppose. Firms may communicate by mood. The paper makes three points about the mood of a firm. First, mood can change. A change in mood affects everyone in the market. Second, there exists a strong tendency for a firm frustrated by poor communication to have bad mood. Bad mood amplifies behavioral responses. Third, the attendant risks of bubbles and panics are a concern about policies that encourage firms to communicate by mood.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 39 (2010)
    Issue (Month): 6 (December)
    Pages: 615-618

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    Handle: RePEc:eee:soceco:v:39:y:2010:i:6:p:615-618

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    Web page: http://www.elsevier.com/locate/inca/620175

    Related research

    Keywords: Mood Firm Communication Antitrust;

    References

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    1. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2001. "Social Interaction and Stock-Market Participation," NBER Working Papers 8358, National Bureau of Economic Research, Inc.
    2. Harrison Hong & Jeffrey D. Kubik & Jeremy C. Stein, 2003. "Thy Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers," Harvard Institute of Economic Research Working Papers 2006, Harvard - Institute of Economic Research.
    3. Cao, Melanie & Wei, Jason, 2005. "Stock market returns: A note on temperature anomaly," Journal of Banking & Finance, Elsevier, vol. 29(6), pages 1559-1573, June.
    4. Mark J. Kamstra & Lisa A. Kramer & Maurice D. Levi, 2003. "Winter Blues: A SAD Stock Market Cycle," American Economic Review, American Economic Association, vol. 93(1), pages 324-343, March.
    5. David Hirshleifer & Tyler Shumway, 2003. "Good Day Sunshine: Stock Returns and the Weather," Journal of Finance, American Finance Association, American Finance Association, vol. 58(3), pages 1009-1032, 06.
    6. Robert J. Shiller, 1995. "Conversation, Information, and Herd Behavior," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1092, Cowles Foundation for Research in Economics, Yale University.
    7. Guttman, Joel M. & Miller, Michael, 1983. "Endogenous conjectural variations in oligopoly," Journal of Economic Behavior & Organization, Elsevier, vol. 4(2-3), pages 249-264.
    8. Saunders, Edward M, Jr, 1993. "Stock Prices and Wall Street Weather," American Economic Review, American Economic Association, vol. 83(5), pages 1337-45, December.
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    Cited by:
    1. Keef, Stephen P. & Khaled, Mohammed S., 2011. "A review of the seasonal affective disorder hypothesis," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 40(6), pages 959-967.

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