Are Investors Moonstruck? - Lunar Phases and Stock Returns

By Kathy Yuan, Liu Zheng, Qiaoqiao Zhu. 2001

313 citations recorded by the source corpus.

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Robust global mood influences in equity pricing (2008, methodology): “Despite the weak psychological evidence of a relationship between lunar phases and mood, some researchers (Dichev and Janes, 2003; Yuan et al., 2006) have investigated whether equity returns are higher in the days surrounding new moon dates than in the days surrounding full moon dates.”
Weather, biorhythms, beliefs and stock returns—Some preliminary Irish evidence (2005, methodology): “Based on these data and a formula in Yuan et al. (2001)5, we were able to give a value to each day in our data set based on how close the day is to the full moon.”
Stock market returns: A note on temperature anomaly (2005, background): “…nature-related variables and events such as the amount of sunshine (Saunders, 1993; Hirshleifer and Shumway, 2003), the daylight-savings time change (Kamstra et al., 2000), the length of the night (Kamstra et al., 2003), and the lunar phases of the moon (Dichev and Janes, 2001; Yuan et al., 2001).”