A study of 165 TV series finales shows that the wave of negative mood caused by the end of a popular and beloved show reduces the net demand for risky assets and decreases aggregate stock returns, says Gabriele M. Lepori of Copenhagen Business School.

If the number of viewers of a finale is one standard deviation above Lepori’s sample average, stock returns fall approximately 25 basis points the next day, all else constant. The day after the May 17, 2015, finale of the drama ‘Mad Men,’ which drew 3.3m live and same-day viewers, the Dow Jones industrial average fell 0.15pc.

(Source: Journal of Economic Psychology)

Published in Dawn, Economic & Business, June 8th, 2015

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