本研究以現金增資宣告為事件，分析陽光量與宣告期間異常報酬的關係。心理學文獻指出，陽光會影響人們的心情狀態，進而對決策行為造成影響。晴天時，人們會有較好的心情；心情好的人在資訊的判讀比較不謹慎；心情好的人在判斷上過於樂觀；心情好的人容易從事風險高的行為。基於上述觀點，我們假設當公司宣告現金增資時，投資人在陽光量充足下的心情愉悅、樂觀預期與錯誤歸因會減少現金增資宣告效果的負面程度，希望延續Hirshleifer與Shumway(2003)的研究結果，從另一個角度探討陽光對財務市場的影響。本研究以1985年到2003年於紐約證券交易所(NYSE)、美國證券交易所(AMEX)進行現金增資的公司進行研究，實證結果發現，當陽光量充足時，對現金增資宣告將造成正向效果。

　In this study, we use seasoned equity offerings announcement event to test the relationship between sunshine and announcements abnormal returns. Research in psychology has shown that sunshine significantly affects mood, and mood changes in turn cause behavior changes. Our hypothesis is based on psychology that human tends to be optimistic in sunny days which leads to higher SEO announcements returns. Our samples consist of seasoned equity offerings during1985 to 2003 in New York Stock Exchange and America Stock Exchange, and our findings support our hypothesis that SEO announcements returns are higher on sunny day.

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