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Econophysics is a new and growing discipline that strives to connect and establish the interdependence between natural phenomena and human economic activities. A growing number of studies attempts to prove empirical correlation and cause-effect interdependence between sunspots and the behaviour of stock market indices. This relationship is theoretically based on the fact that sunspots cause enhanced geomagnetic activity of the Earth, and it changes human psychology and behaviour, inducing waves of optimism and pessimism, which affect investment intensity in stock markets, stock prices and return size. Therefore, the article explores the empirical correlation between sunspot activity and behaviour of stock indices in four growing stock markets in former transition countries (Hungary, Slovenia, Croatia and Serbia). The period of seven years (2005 to 2012) is analyzed since it coincides with the outbreak of the global economic crisis (late 2008). The research results indicate that there exist empirical correlation and causality, in accordance with theoretical expectations.

Sunspots and stock markets: Some empirical evidence of their interdependence in transition countries