DislikedHere's your causal link:
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Kamstra, Kramer and Levi (2003, hereafter KKL) draw a link between stock market returns and the length of day light. By examining the stock returns in the U.S., Canada, U.K. and Germany and a few other countries, they find that lower returns are associated with longer nights. Their explanation rests on the impact of Seasonal Affective Disorder (SAD) on human behavior. Based on the psychological and clinical evidence, the authors conjecture that lower returns are caused by investors who are depressed because of...Ignored
I feel free to dismiss this research, cause it really doesn't fit my world view.
What would have been interesting, if in fact in australia it's the same. Since their winter is europe's and USA's summer and the other way around. So in fact, there should be high stock returns in australian markets from mai to september and behave totally opposite to european and american markets.