Wednesday, January 19, 2011

Lunar Phases, Investor Mood, and the Stock Market

Lunar Phases, Investor Mood, and the Stock Market 
Returns: Evidence from the Tunisian Stock Exchange

Basing on psychological and biological evidences that moon cycles affects human mood, and then their behaviors,  many researchers in the field of behavioral finance tend to investigate if there is a relationship between lunar phases and stock market returns. In accordance with psychological and biological evidences, behavioral finance research in this area have analysed the full moon effect separately from the new moon effect and have hypothesizes that New-moon cycle stock returns are higher than those of a full moon cycle. We have tested this hypothesis on the Tunisian stock market in four window specifications from 15-day to 1-day windows around the full and the new moon days. 

Definition for web 3.0 on 

SCI-FI Astronomy is the study of USER in space and the relationships they have to one another, primarily as can be described and confined mathematically and designed geometrically. There are coincidental relationships in Astronomy.

SCI-FI Astrology is the study of relationships between Community and USER in time and space beyond the human word. Various celestial movements and alignments are used to design geometrical shape. Shapes are directly connected to the totality of Community PostBak and coincidence in time and Local Social Space.

See also: Web 3.0 & Moon & Solar System

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