We examine whether seasonal variations in investor mood are associated with return seasonalities in U.S. and Australian equity markets. We first replicate the main results of Hirshleifer et al. (2020) for the U.S. market that stock returns' relative performance during past high or low mood periods tends to recur in periods with congruent mood but reverse in periods with noncongruent mood. We next test the mood seasonality hypothesis in Australia (Southern hemisphere), where the calendar timing of seasons is opposite to that experienced in the United States (Northern hemisphere). This enables us to identify whether the seasonally varying investor mood effect on returns is independent of the actual calendar month. In the Australian market we also find the congruent-mood recurrence and noncongruent-mood reversal effects under our hypothesized high and low mood months, and this effect is particularly strong for the full cross-section of individual assets.

我们研究了投资者情绪的季节性变化是否与美国和澳大利亚股票市场的回报季节性相关。我们首先复制Hirshleifer等人的主要结果。（2020）对于美国市场而言，过去情绪高涨或情绪低落时期股票收益的相对表现倾向于在情绪一致的时期重现，而在情绪不一致的时期则相反。接下来，我们测试澳大利亚（南半球）的情绪季节性假设，该季节的日历时间与美国（北半球）的日历时间相反。这使我们能够确定季节性变化的投资者情绪对收益的影响是否独立于实际日历月。