This study evaluates the impact of investor mood and mood contagion on the cross-section of Australian stock returns. While we document a day-of-the-week effect in Australia, there are noticeable differences to the US (Birru, 2018). Australian stock returns on Tuesday are significantly lower than other weekdays. This ‘Tuesday Blues’ effect is most prominent amongst speculative stocks which, being more difficult to value, are more likely to be influenced by investor mood. We further report that Australian speculative stock returns are more correlated with factors indicative of same-day domestic mood and lagged US mood. Exploiting the 14-hour difference in time zones, we find that Tuesday returns to Australian speculative stocks are lower following extremely negative Monday mood or high risk aversion in the US. Overall, our results are consistent with mood contagion across international markets, which contributes to the observed daily patterns in stock returns after recognizing differences in time zones.

本研究评估了投资者情绪和情绪传染对澳大利亚股票回报横截面的影响。虽然我们记录了澳大利亚一周中某天的影响，但与美国存在明显差异（Birru，2018 年）。周二的澳大利亚股票回报率明显低于其他工作日。这种“周二忧郁”效应在投机性股票中最为突出，这些股票更难以估值，更容易受到投资者情绪的影响。我们进一步报告称，澳大利亚投机性股票收益与指示当日国内情绪和滞后于美国情绪的因素更相关。利用时区 14 小时的差异，我们发现在周一极度消极的情绪或美国的高风险厌恶情绪之后，周二澳大利亚投机性股票的回报较低。全面的，