PT  - JOURNAL ARTICLE
AU  - Ilia D. Dichev
AU  - Troy D. Janes
TI  - Lunar Cycle Effects in Stock Returns
AID  - 10.3905/jpe.2003.320053
DP  - 2003 Aug 31
TA  - The Journal of Private Equity
PG  - 8--29
VI  - 6
IP  - 4
4099  - https://pm-research.com/content/6/4/8.short
4100  - https://pm-research.com/content/6/4/8.full
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.