Abstract
This paper investigates the relation between lunar phases and stock market returns of China. The findings indicate that stock returns are lower on the days around a new moon than on the days around a full moon. This pattern of returns is pervasive; we find it for two major Chinese stock indexes over the last 16 years. The author concludes that lunar phases do affect stock returns in china, and the culture is one of the factors which affect investor’s sentiment and behavior and then affect stock returns.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
