RT Journal Article
SR Electronic
T1 Lunar Cycle Effects in Stock Returns
JF The Journal of Private Equity
FD Institutional Investor Journals
SP 8
OP 29
DO 10.3905/jpe.2003.320053
VO 6
IS 4
A1 Ilia D. Dichev
A1 Troy D. Janes
YR 2003
UL https://pm-research.com/content/6/4/8.abstract
AB We find strong lunar cycle effects in stock returns. Specifically, returns in the 15 days around new moon dates are about double the returns in the 15 days around full moon dates. This pattern of returns is pervasive; we find it for all major U.S. stock indexes over the last 100 years and for nearly all major stock indexes of 24 other countries over the last 30 years. Taken as a whole, this evidence is consistent with popular beliefs that lunar cycles affect human behavior.