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The Relationship Between Price-Trade Volume And Weather Effect In Istanbul Stock Exchange: Asymmetric Causality Test Analysis


  • TUNA, Gülfen

    (Sakarya University, Department of Financial Econometrics)

  • BEKTUR, Çisem

    (Sakarya University, Department of Financial Econometrics)


This research examines the effects of weather on investor choices. For this purpose, 4772 daily data sets, which are in the range of 1987-2006 years, are used. The article investigates the effect on the investor preferences change in temperature by using daily data. Unlike previous studies in the existing literature, negative and positive effects of change in temperature on investors are researched separately. As indicator parameter of behavior of investors, BIST100 price index and total trade volume are used. Thus, the effects of positive and negative shocks happened in temperature change, are examined both as return and trade volume. According to findings, investors react both positive and negative temperature change in same direction. In other word, positive temperature changes can be assumed as a factor increases the trade volume and positive returns in stock market. Similarly, negative temperature changes affect stock market in direction of decreasing trade volume and returns.

Suggested Citation

  • TUNA, Gülfen & BEKTUR, Çisem, 2015. "The Relationship Between Price-Trade Volume And Weather Effect In Istanbul Stock Exchange: Asymmetric Causality Test Analysis," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(4), pages 6-20.
  • Handle: RePEc:vls:finstu:v:19:y:2015:i:4:p:6-20

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    Cited by:

    1. Tuna, Gülfen & Tuna, Vedat Ender, 2019. "The asymmetric causal relationship between renewable and NON-RENEWABLE energy consumption and economic growth in the ASEAN-5 countries," Resources Policy, Elsevier, vol. 62(C), pages 114-124.

    More about this item


    Weather Effect; Asymmetric Causality; Behavioral Finance; Turkey;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading


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