TAILIEUCHUNG - Playing the Field: Geomagnetic Storms and International Stock Markets

North Korea has stated it intends to build a large enrichment plant this decade, and there is no reason to doubt its intentions. To succeed, North Korea will likely need to overcome several technical challenges. North Korea could also face additional difficulties in completing the plant as a result of actions by the United Nations Security Council and the broader international community. The most effective way to end the threats posed by North Korea’s centrifuge program is through negotiations, even though that route currently looks difficult. If discussions with North Korea resume, negotiators. | Playing the Field Geomagnetic Storms and International Stock Markets Anna Krivelyova and Cesare Robotti Working Paper 2003-5 February 2003 Working Paper Series Federal Reserve Bank of Atlanta Working Paper 2003-5 February 2003 Playing the Field Geomagnetic Storms and International Stock Markets Anna Krivelyova Boston College Cesare Robotti Federal Reserve Bank of Atlanta Abstract This paper documents the impact of geomagnetic storms GMS on international stock market returns. For most of the countries in our sample we find that the previous week s unusually high levels of geomagnetic activity have a negative and statistically and economically significant impact on today s stock returns. Our results are consistent with changes in risk-taking behavior caused by depressive disorders since GMS have been found to substantially increase the incidence of depression and other psychological disturbances among people. JEL classification G1 Key words stock returns geomagnetic storms seasonal affective disorders depression behavioral finance The authors have benefited from the suggestions of Lisa Kramer and Mark Kamstra. They also gratefully acknowledge the research assistance of Lisle Cormier. The views expressed here are the authors and not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System. Any remaining errors are the authors responsibility. Please address questions regarding content to Anna Krivelyova Department of Economics Boston College 140 Commonwealth Avenue Chestnut Hill MA 02134 404-869-4715 krivelyova@ or Cesare Robotti Federal Reserve Bank of Atlanta 1000 Peachtree Street . Atlanta Georgia 30309 404-498-8543 . The full text of Federal Reserve Bank of Atlanta working papers including revised versions is available on the Atlanta Fed s Web site at http . Click on the Publications link and then Working Papers. To receive notification about new papers please use the on-line .

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