Brahmana, Rayenda Khresna and Zamri, Ahmad and Hooy, Chee-Wooi (2012) Moon Effect on Pacific Basin Stock Markets. Indonesian Capital Market Review, 3 (2). pp. 117-126.
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Abstract
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.
| Item Type: | Article |
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| Uncontrolled Keywords: | Psychological biases, moon phase, stock markets, behavioral finance, unimas, university, universiti, Borneo, Malaysia, Sarawak, Kuching, Samarahan, ipta, education, undergraduate, Postgraduate, research, Universiti Malaysia Sarawak. |
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Academic Faculties, Institutes and Centres > Faculty of Economics and Business Faculties, Institutes, Centres > Faculty of Economics and Business |
| Depositing User: | Karen Kornalius |
| Date Deposited: | 10 Nov 2015 06:19 |
| Last Modified: | 14 Apr 2016 06:54 |
| URI: | http://ir.unimas.my/id/eprint/9667 |
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