This paper investigates the stock market reaction to an uplift in investor mood anticipating a country’s independence day celebration. A cross-country analysis reveals a positive abnormal return on the trading day immediately prior to the country’s independence day. This finding is robust to various event-study methods and to various benchmarks. This positive return is subsequently reversed. Further, we find a relation between the abnormal return of a country on its independence day and measures of national pride and social culture. Focusing on the United States, we find a decrease in economic uncertainty measures on its independence day. Overall, our evidence suggests that national pride leads to investor sentiment in capital markets.

本文调查了股市对投资者预期国家独立日庆祝活动情绪高涨的反应。一项跨国分析显示，该国独立日之前的交易日出现了正的异常回报。这一发现对于各种事件研究方法和各种基准都是稳健的。这种正回报随后被逆转。此外，我们发现一个国家在独立日的非正常回归与民族自豪感和社会文化的衡量标准之间存在联系。以美国为例，我们发现独立日当天经济不确定性指标有所减少。总体而言，我们的证据表明民族自豪感会影响资本市场的投资者情绪。