Moon Effect on Pacific Basin Stock Markets
This is an empirical study on the influences of moon on seven stock markets, which are Indonesia, Malaysia, United Kingdom, United States, Philippines, Japan, and Thailand. The period is from January 1999 until December 2009 in daily basis. This study investigates the relationship between moon ph...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Research Gate
2012
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| Subjects: | |
| Online Access: | http://ir.unimas.my/id/eprint/9667/ http://ir.unimas.my/id/eprint/9667/1/Moon%20Effect%20on%20Pacific%20Basin%20Stock%20Markets.pdf |
| Summary: | This is an empirical study on the influences of moon on seven stock markets, which are
Indonesia, Malaysia, United Kingdom, United States, Philippines, Japan, and Thailand. The
period is from January 1999 until December 2009 in daily basis. This study investigates the
relationship between moon phase and market returns. We divided moon phases into new
moon and full moon. While literature mention the relationship between moon phase and
market returns, our research reject the null hypothesis in regression analysis. However, the
descriptive catches the indication and confirmed previous research. It also proposes that
the market is still rational and not moon-mood influenced. This result is not contending the
EMH theorem. Further research is needed in term of investigating the relationship between
psychology factors (heuristic bias, information ignorance, and other factors) and investor
behavior. The effect of moon on certain anomalies has to examine specifically. |
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