Anatomy Of Behavioural Risk Seasonality In Equity
Table 6:
| Winter (Coldest) | Summer (Hottest) | |||
| Months* | Northern hemisphere (Dec, Jan, Feb, Mar) | Northern hemisphere (May, Jun, Jul, Aug, Sep) | ||
| Mood | High positive mood state | Low positive mood state | ||
| Optimism | High optimism state | Low optimism state | ||
| Behavioural risk patterns | High (high behavioural risk) | Low (lower behavioural risk) | ||
| Equity returns | Higher (higher premium) | Lower (lower premium) | ||
| Equity behaviour in Malaysia | Dec (big stocks), Jan, Feb (all stocks) | May, Aug, Sep (all stocks) |