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Positive mood and investment decisions: evidence from comedy movie attendance in the U.S.

Positive mood and investment decisions: evidence from comedy movie attendance in the U.S.
Positive mood and investment decisions: evidence from comedy movie attendance in the U.S.
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.
0275-5319
142-163
Lepori, Gabriele
551865b7-2e3a-4de1-aaf9-6c7f23e32e8d
Lepori, Gabriele
551865b7-2e3a-4de1-aaf9-6c7f23e32e8d

Lepori, Gabriele (2015) Positive mood and investment decisions: evidence from comedy movie attendance in the U.S. Research in International Business and Finance, 34, 142-163. (doi:10.1016/j.ribaf.2015.02.001).

Record type: Article

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.

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Accepted/In Press date: 2 February 2015
e-pub ahead of print date: 7 February 2015
Published date: May 2015

Identifiers

Local EPrints ID: 434665
URI: http://eprints.soton.ac.uk/id/eprint/434665
ISSN: 0275-5319
PURE UUID: 7037ae9b-c30a-4823-983f-a7ba9ce518bd
ORCID for Gabriele Lepori: ORCID iD orcid.org/0000-0002-2619-227X

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Date deposited: 04 Oct 2019 16:30
Last modified: 09 Jan 2022 04:08

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