It seems that “seasonal depression” influences the price of shares in the stock exchange: shares that have been issued in the fall and winter, when the days are shorter and there are less hours of daylight, went up after the issue less than shares that have been issued during spring and summer. This is the conclusion of a new study that has been conducted in the University of Haifa. The study also demonstrates that after a few months, the accumulated performance of shares get balanced, which reinforces the assumption that daylight hours at the stage of the issue have an influence on performance.

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