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When the researchers looked at the data from each city individually, results showed that more sunshine was associated with higher stock market returns in either 18 or 25 of the cities studied, depending on the way the test was conducted, Hirshleifer said.
More importantly, when the data from all 26 cities were combined, the results showed a strong overall relationship between sunshine and higher returns around the world.
While the effect uncovered by the study is not large, a difference in returns of nine basis points between an overcast day and a sunny day is not something investors should ignore, Hirshleifer said.