TY - JOUR T1 - Lunar Cycle Effects in Stock Returns JF - The Journal of Private Equity SP - 8 LP - 29 DO - 10.3905/jpe.2003.320053 VL - 6 IS - 4 AU - Ilia D. Dichev AU - Troy D. Janes Y1 - 2003/08/31 UR - https://pm-research.com/content/6/4/8.abstract N2 - 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. ER -