A lunar effect on fertility

Criss, Thomas B.; Marcum, John P.

doi:10.1080/19485565.1981.9988443

Cited by 22 publications

(13 citation statements)

References 11 publications

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“…Some studies have found relationships between the phases of the moon and ovulation, fertility, birth rates, and babies' genders. For example, Criss and Marcum [1] document that births vary systematically over lunar cycles with peak fertility during the third lunar quarter. Lunar effect on human mood and behavior also can be found in the psychology literatures, Liber [8] indicates a disproportionately higher number of criminal offences occur during the full moon phase.…”

Section: Literature Reviewmentioning

confidence: 98%

Lunar Phases Effect in Chinese Stock Returns

Gao

2009

2009 International Conference on Business Intelligence and Financial Engineering

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This paper investigates the relation between lunar phases and stock market returns of China. The findings indicate that stock returns are lower on the days around a new moon than on the days around a full moon. This pattern of returns is pervasive; we find it for two major Chinese stock indexes over the last 16 years. The author concludes that lunar phases do affect stock returns in china, and the culture is one of the factors which affect investor's sentiment and behavior and then affect stock returns. Keywords-lunar effect; investor's sentiment; behavioral finance; cultural differences I.INTRODUCTION Since ancient times, there have been beliefs that the lunar phases were closely related to human behavior. No precise explanation for how the moon impact on human has been confirmed by modern science studies, but there are many indirect ways illustrate that the effect of the lunar effect really occurred. Accompanied with the development of Behavioral Finance, the relationship between the moon and the investor behavior are gradually extended to discuss about the lunar phases and the stock returns.Extensive research has been done on the relationship between stock returns and the lunar cycle. I. D. Dichev and T.D Janes [5] find strong lunar cycle effects in stock returns returns in the 15 days around new moon day are about double the returns in the 15 days around full moon day. This pattern of returns is pervasive. Yuan, Zheng, and Zhu [6] also investigate the relation between lunar phases and stock returns for a sample of 48 countries. They find strong global evidence that stock returns are lower on days around a full moon than on days around a new moon. Constructing a lunar trading strategy, they find that the magnitude of this return difference is roughly 4.2 percent per annum. The positive association they find between lunar phases and stock returns suggests that it may be valuable to go beyond a rational asset pricing framework to explore the psychological effects of investor behavior on stock returns. Since psychological studies associate full moon phases with depressed mood during a full moon, investors may value financial assets less or be more pessimistic, because the moon does affect mood, which in turn affects investor behavior and decision-making [2].

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Section: Literature Reviewmentioning

confidence: 98%

Lunar Phases Effect in Chinese Stock Returns

Gao

2009

2009 International Conference on Business Intelligence and Financial Engineering

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“…Other researchers (Macfarlane, 1974;Lam and Miron, 1994) stated that weather affects the seasonality of births as long as there are major temperature differences over the year. Other natural factors like day-length (Bronson, 2004;Rojansky et al, 1992) or moon phases (Criss and Marcum, 1981;Jongbloet, 1983) were also tested for their possible connection to birth seasonality.…”

Section: Introductionmentioning

confidence: 99%

Effect of religious rules on time of conception in Romania from 1905 to 2001

et al. 2015

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B.V.I., M.A. and G.R. have no competing interests to declare. There is no connection to the current paper, but C.H. declares that (i) he is currently conducting a research titled 'Chronic Diseases' Direct Costs within the Romanian Health System' funded by Local American Working Group; (ii) his wife is employed to a Romanian company (A&D Pharma) that does business in the pharmaceutical sector. This paper is a part of G.R. and M.A. scientific activities in COST Action TD1210. This work by C.H. was co-financed by the European Social Fund through project number POSDRU/1.5/S/59184.

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“…Studies also find a lunar effect on fertility; for example, Criss and Marcum (1981) document that births vary systematically over lunar cycles with peak fertility during the third lunar quarter. In addition, lunar phases affect human nutrient intake: de Castro and Pearcey (1995) document an 8% increase in meal size and a 26% decrease in alcohol intake at the time of full moon.…”

Section: Literature Reviewmentioning

confidence: 99%

Are investors moonstruck? Lunar phases and stock returns

Yuan¹,

Li²,

Zhu³

2006

Journal of Empirical Finance

235

102

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This paper investigates the relation between lunar phases and stock market returns of 48 countries. The findings indicate that stock returns are lower on the days around a full moon than on the days around a new moon. The magnitude of the return difference is 3% to 5% per annum based on analyses of two global portfolios: one equal-weighted and the other value-weighted. The return difference is not due to changes in stock market volatility or trading volumes. The data show that the lunar effect is not explained away by announcements of macroeconomic indicators, nor is it driven by major global shocks. Moreover, the lunar effect is independent of other calendar-related anomalies such as the January effect, the day-of-week effect, the calendar month effect, and the holiday effect (including lunar holidays). Classification Code: G12, G14

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A lunar effect on fertility

Cited by 22 publications

References 11 publications

Lunar Phases Effect in Chinese Stock Returns

Lunar Phases Effect in Chinese Stock Returns

Effect of religious rules on time of conception in Romania from 1905 to 2001

Are investors moonstruck? Lunar phases and stock returns

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