The Seasonal Affective Disorder: The Seasons versus the Length of Night

The Empirical Economic Letters, 12, 12 (2013), pp. 1355-1369.

11 Pages Posted: 24 Oct 2013 Last revised: 7 Mar 2014

See all articles by Mohammed Khaled

Mohammed Khaled

Victoria University of Wellington - School of Economics & Finance

Michael O'Connor Keefe

Victoria University of Wellington

Stephen P. Keef

Victoria University of Wellington - School of Accounting and Commercial Law

Date Written: July 31, 2013

Abstract

Kamstra et al. (2003, 2011) offer measures of the prevalence of the seasonal affective disorder based on the hours of night and the medical incidence of the disorder in the North American population. Simpler measures are constructed by Kliger et al. (2012) using variables based upon the four seasons. Applying correlation analysis and factor analysis, we find these two sets of measures are empirical substitutes. We suggest researchers use the simpler seasonal mood variables of Kliger et al. rather than the more complicated measures of Kamstra et al. when examining the influence of the seasonal affective disorder on asset prices.

Keywords: Seasonal affective disorder, Seasons, Mood, Asset Pricing

JEL Classification: G10, G11, G12

Suggested Citation

Khaled, Mohammed and O'Connor Keefe, Michael and Keef, Stephen, The Seasonal Affective Disorder: The Seasons versus the Length of Night (July 31, 2013). The Empirical Economic Letters, 12, 12 (2013), pp. 1355-1369., Available at SSRN: https://ssrn.com/abstract=2344051 or http://dx.doi.org/10.2139/ssrn.2344051

Mohammed Khaled

Victoria University of Wellington - School of Economics & Finance ( email )

P.O. Box 600
Wellington 6001
New Zealand

Michael O'Connor Keefe (Contact Author)

Victoria University of Wellington ( email )

P.O. Box 600
Wellington, 6140
New Zealand

Stephen Keef

Victoria University of Wellington - School of Accounting and Commercial Law ( email )

Faculty of Commerce and Administration
PO Box 600
Wellington
New Zealand

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