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Positive mood and investment decisions: Evidence from comedy movie attendance in the U.S. |
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| Affiliation: | 1. University of Haifa, Faculty of Management, Aba Hoshi 199, Haifa, Israel;2. Economic Department, University of Haifa, Aba Hoshi 199, Haifa, Israel;1. Faculty of Business Administration, Bilkent University, Ankara, 06800, Turkey;2. Faculty of Economics and Administrative Sciences, Department of Business Administration, Middle East Technical University, Ankara, 06800, Turkey;3. Faculty of Business Administration, Bilkent University, Ankara, 06800, Turkey;1. Department of Finance, Chung Yuan Christian University, 200 Chung Pei Rd., Chung Li, 32023, Taiwan;2. College of Business, Oregon State University, 2751 SW Jefferson Way, Corvallis, OR 97331, USA |
| Abstract: | Positive mood has been repeatedly shown to affect decision-making under risk. In this study I exploit the time-series variation in the domestic theatrical release of comedy movies as a natural experiment for testing the impact that happy mood (proxied by weekend comedy movie attendance) has on the demand for risky assets (proxied by the performance of the U.S. stock market). Using a sample of data from 1994 to 2010, I estimate that an increase in comedy attendance on a given weekend is followed by a decrease in equity returns on the subsequent Monday, which is consistent with the mood-maintenance hypothesis. |
| Keywords: | Positive mood Risk propensity Comedy movies U.S. stock market Abnormal returns |
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