Working Paper
Winter blues: a SAD stock market cycle
Kamstra, Mark; Levi, Maurice D.; Kramer, Lisa (2002)
This paper investigates the role of seasonal affective disorder (SAD) in the seasonal time-variation of stock market returns. SAD is an extensively documented medical condition whereby the shortness of the days in fall and winter leads to depression for many people. Experimental research in psychology and economics indicates that depression, in turn, causes heightened risk aversion. Building on these links between the length of day, depression, and risk aversion, we provide international evidence that stock market returns vary seasonally with the length of the day, a result we call the SAD ...
FRB Atlanta Working Paper , Paper 2002-13

Conference Paper
Anticipated inflation and interest rates: further interpretation of findings on the Fisher equation
Makin, John H.; Levi, Maurice D. (1976)
Proceedings , Issue 1 , Pages 34-66