Investigating Full Moon’s effect on Stocks yield (return), Transactions volume andStocks Pendulousness,and their relationship in Companies Accepted into Iran’s Stock Exchange
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2013, Vol 4, Issue 3
Abstract
Based on a series of old beliefs as to the effects of lunar stages on human’s behavior and temperaments, also based on surveys done by researchers, one can say lunar stages can influence investors’ behavior and their decisions (Yuan, 2001). This research aims at investigating the relationship among main variables of the market, i.e. yield, risk and transactions volume at Full moon time. If there are some regular patterns in time series behavior of these variables, upon developing strategies related to the patterns, extra yield can be achieved. To do that, some sample monthly data on 72 companies were assessed and tested in a tree-year time span (2009-2011) through panel data and pair comparison of variables. Findings are indicative of a positive meaningful relationship between full moon’s effectsand transactions volume, reaching a reliability rate of 95% at the full moon time. Other findings indicate that there is a negative meaningful relationship among full moon’s effects, stocks yield and pendulousness of stocks price.These findings are indicative of the necessity of paying attention to the time of transaction by Iranian companies, in capital market. Keywords: pendulousness, stocks yield, transactions volume and full moon.
Authors and Affiliations
SeyedMortezaHosseini*| Department of commercial management, Babol Branch, Islamic Azad University, Babol, Iran,seyedmortezahosseini576@yahoo.com, Reza MansourianNezam Abad| Department of commercial management, Babol Branch, Islamic Azad University, Babol, Iran, Seyedeh Maryam Monfared| Department of economic, Firozkoh Branch, Islamic Azad University, Firozkoh, Iran
Keywords
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