Record Details

Moon Effect on Paciic Basin Stock Markets

Indonesian Capital Market Review

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Title Moon Effect on Paciic Basin Stock Markets
 
Creator Rayenda Khresna Brahman; School of Management, Universiti Sains Malaysia
Chee Wooi Hooy; School of Management, Universiti Sains Malaysia
Zamri Ahmad; chool of Management, Universiti Sains Malaysia
 
Subject Capital Market
 
Description This is an empirical study on the inluences 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  conirmed  previous  research.  It  also  proposes  that the market is still rational and not moon-mood inluenced. 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 speciically. activate javascript
 
Publisher Management Research Center, Department of Management, Faculty of Economics and Business, U
 
Contributor
 
Date 2014-08-25
 
Type Peer-reviewed Article
 
Format application/mbox
 
Identifier http://journal.ui.ac.id/index.php/icmr/article/view/3627
 
Source Indonesian Capital Market Review; Vol 3, No 2 (2011): July 2011
 
Language en