e-journal

Moon phase effect on investor psychology and stock ttrading performance

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Purpose – This article aims to examine how investor moods and aggressiveness differ in their state
and influence investor stock market performance associated with the moon phase. The mechanisms
and impact of full moon gravity on investor stock trading performance are explored through an
experimental approach and econometrics model.
Design/methodology/approach – A time-series quasi-experimental study, using the full moon
and new moon time periods, was coupled with a psychometric test of investors’ behaviours,
administered through an online survey, similar to a pre-post experiment. Confirmation of the results
was achieved by using an econometric model, adopted from Dichev and Janes.
Findings – This research found that investor psychology is influenced by the full moon, but no effect
was recorded during the new moon phase. Confirmed by the paired t-difference test, the small
correlation, in addition to the quantitative model, the results show the full moon impacts market
behaviour during its orbital phase. Consequently, the authors surmise that the full moon does influence
investor cognition and emotion disarray, mood disorders, and aggressiveness, resulting in poor stock
trading performance.
Practical implications – The need for an active investment strategy is the major implication of this
study. During the fullmoon phase, investors tend to bemore aggressive andmoody and seek hedonic utility
instead of the traditional economics utility, meaning that they tend to follow the sentiment of the market.
Originality/value – This paper fulfils an identified need to study how the full moon affects investor
stock trading performance.

Keywords Environmental economics, Social economy

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Informasi Detail

Judul Seri

International Journal of Social Economics

No. Panggil

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Penerbit

: Emerald Group., 2014

Deskripsi Fisik

International Journal of Social Economics Vol. 41 No. 3, 2014 pp. 182-200

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

EKONOMI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati?Syahrial

Versi lain/terkait

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