If you want a bargain, avoid long sun exposure….

Maybe some things are better off done away from daylight.  Sun and colleagues report that “We examine sunshine-induced mood and its impacts on investors’ bidding decisions in the primary market where seasoned equities are offered. . . . . We find that investors exposed to stronger sunshine intensity or longer sunshine duration submit a higher bid price for SEOs [seasoned equity offerings], thus leading to lower offer discounts. We also find that mood misattribution and risk-taking act as channels to…

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