Lunar Phases Effect in Chinese Stock Returns

摘要：

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 investors sentiment and behavior and then affect stock returns.

关键词： lunar effect investors sentiment behavioral finance cultural differences

作者: Qinghui Gao

作者单位: Overseas Education College, Xiamen University, Xiamen, 361005, China

会议类型: 国际会议

会议名称: The Second International Conference on Business Intelligence and Financial Engineering(BIFE 2009)(第二届商务智能与金融工程国际会议)

会议地点: 北京

会议语种:英文

页码: 682-685

在线出版日期: 2009-07-24（万方平台首次上网日期，不代表论文的发表时间）