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Research draws the distinction between noise traders and informed traders. Research also documents market biases in equity returns due to cloud cover, a non‐informational (noise) event, showing that returns decrease on cloudy days. The purpose of this paper is to investigate the trading behaviour of short‐sellers, who are considered informed traders, conditioning on the level of cloudiness, and find an increase in short selling with the level of cloudiness. Additionally, the paper finds decreases in short selling the three days prior to a cloudy day (or series of cloudy days).

The authors replicate the weather anomaly in stock returns reported in the literature for the sample period, and then study the trading behaviour of short sellers conditioned on cloud cover. Additionally the authors treat cloud cover as an event and study short selling volume in the pre‐event window.

The paper finds an increase in short selling with the level of cloudiness. Additionally, the paper finds decreases in short selling, relative to the event day(s), in the three days prior to a cloudy day (or series of cloudy days).

The authors believe that they are the first to document that weather impacts short seller's trading behaviour. The authors argue that the results point towards a behavioural bias.

Recent developments that have focused on the institutions, support mechanisms and entrepreneurship in the European Union (EU) are mostly fragmented either focusing on statistical presentation of the current situation or analysis of the impact of the regulations on business creation. In addition, recent studies do not capture thoroughly the differentiating factors of the local, regional, national and supranational governance. Moreover, the recent trends tackling social and environmental challenges through entrepreneurship have not been explored and researched in an extensive way. Indeed, in the last decades a variety of tools, regulations, and funding and support schemes have been developed in the EU to promote and enhance entrepreneurial activities. Within this context, this collective volume aims to provide the go-to source of current thinking in this area as its scope will extend to all major, relevant and interrelated aspects of institutions, support mechanisms and entrepreneurship in the EU.

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