Debunking the monday irrationality through the external affection of investors
This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed f...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Gadjah Mada University
2016
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| Subjects: | |
| Online Access: | http://ir.unimas.my/id/eprint/12499/ http://ir.unimas.my/id/eprint/12499/1/Debunking%20the%20monday%20-%20Copy.pdf |
| _version_ | 1848837208192057344 |
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| author | Brahmana, R. Hooy, C.W. Ahmad, Z. |
| author_facet | Brahmana, R. Hooy, C.W. Ahmad, Z. |
| author_sort | Brahmana, R. |
| building | UNIMAS Institutional Repository |
| collection | Online Access |
| description | This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed for their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon and high temperatures frequently occurred on Mondays, it is most probably those two variables that were the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von Neumann-Morgenstern in decision making has to be replaced by the hedonic utility. |
| first_indexed | 2025-11-15T06:36:00Z |
| format | Article |
| id | unimas-12499 |
| institution | Universiti Malaysia Sarawak |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T06:36:00Z |
| publishDate | 2016 |
| publisher | Gadjah Mada University |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | unimas-124992022-05-24T02:41:55Z http://ir.unimas.my/id/eprint/12499/ Debunking the monday irrationality through the external affection of investors Brahmana, R. Hooy, C.W. Ahmad, Z. HB Economic Theory This study aims to reveal the mechanism of the influences of the full moon and high temperatures on investors’ Monday irrationality. In contrast to other studies, this research was built under a retroductive approach by using a time series quasi experimental study. Investors were directly assessed for their irrationality by using an adapted psychometric test on 4 occasions. The results indicate that there were indeed effects of the full moon and high temperatures on investors’ irrationality. Because the full moon and high temperatures frequently occurred on Mondays, it is most probably those two variables that were the drivers of the Monday irrationality. In the end, we concluded that the rational behaviour assumption can no longer be held. Instead of rationality, the investors were quasi rational. The utility function of Von Neumann-Morgenstern in decision making has to be replaced by the hedonic utility. Gadjah Mada University 2016 Article PeerReviewed text en http://ir.unimas.my/id/eprint/12499/1/Debunking%20the%20monday%20-%20Copy.pdf Brahmana, R. and Hooy, C.W. and Ahmad, Z. (2016) Debunking the monday irrationality through the external affection of investors. Gadjah Mada International Journal of Business, 18 (1). pp. 83-105. ISSN 14111128 https://www.scopus.com/inward/record.uri?eid=2-s2.0-84966344019&partnerID=40&md5=3f97f64ff1ff118a051454b5017a141d |
| spellingShingle | HB Economic Theory Brahmana, R. Hooy, C.W. Ahmad, Z. Debunking the monday irrationality through the external affection of investors |
| title | Debunking the monday irrationality through the external affection of investors |
| title_full | Debunking the monday irrationality through the external affection of investors |
| title_fullStr | Debunking the monday irrationality through the external affection of investors |
| title_full_unstemmed | Debunking the monday irrationality through the external affection of investors |
| title_short | Debunking the monday irrationality through the external affection of investors |
| title_sort | debunking the monday irrationality through the external affection of investors |
| topic | HB Economic Theory |
| url | http://ir.unimas.my/id/eprint/12499/ http://ir.unimas.my/id/eprint/12499/ http://ir.unimas.my/id/eprint/12499/1/Debunking%20the%20monday%20-%20Copy.pdf |