Study sheds light on impact of sunshine on corporate decisio

Deakin
A Deakin University study has found business leaders are more optimistic about their company’s profit outlook when the sun is shining, suggesting investors might want to check the weather forecast before making financial decisions.
In the first large-scale study of the nuanced ways in which emotions affect top executives, Deakin Business School’s Associate Professor Edward Podolski analysed a large sample of earnings data from U.S. public firms to determine the role and economic consequences of the weather in shaping the judgment of corporate executives.
He found that managerial profit forecasts were highly sensitive to the average sunshine conditions in the days immediately before delivering earning reports, with executives tending to overstate future earnings when they were exposed to more sunshine and understate earnings when exposed to less sunshine.

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