10. First research
1985 by Ivan Kelly and James Rotton
-> relationship between the moon
phases to the Dow Jones Industrial
Average not found
11. Long term research
Marco Hickey in 2009
–> research from 1988 – 2008
-> significant correlation relationship
between the close price and the
occurrence of a new moon phase was
proven
12. Wide range research
Kathy Yuan, Lu Zheng, Qiaoqiao Zhu
-> research on 48 countries
-> finding: stock returns are lower on
the days around a full moon than
on the days around a new moon
13. Average Daily Logarithmic Return of the
Global Portfolio by Lunar Dates
Source: „Are Investors Moonstruck? Lunar Phases and Stock Returns” Kathy Yuan, Lu Zheng, Qiaoqiao Zhu
15. Details
Data about moon phases:
http://eclipse.gsfc.nasa.gov/phase/phases2001.html
Data about stock exchange in Poland: http://www.gpw.pl/statystyki_dzienne
Analysis made in Statistica Application: http://www.statsoft.pl/toc.html
16. Read more about the issue!
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=283156
http://pl.scribd.com/doc/17522003/The-US-Stock-Market-Correlated-With-
the-Phases-of-the-Moon
http://www.cmaj.ca/content/173/12/1498.full
Pictures source: google images.