Detail Market behavior in lucky days   Oleh:  Meisami, Alex ; Zhang, Jian Jenis: Article from Proceeding Dalam koleksi: SIBR-Thammasat 2014 Conference on Interdisciplinary Business & Economics Research June 5th- 7th, 2014 di Emerald Hotel Bangkok, page 1-2. Topik: Market return; stock market Fulltext: b14-036.pdf (18.36KB) Isi artikel Finance literature has shown that natural cycles such as lunar cycle have significant impact on market returns. The market returns are also influenced by other natural factors such as rain and shine (Goetzmann and Zhu, 2005), or seasonality (Ho, 1990). Other findings suggest that investors’ mood, demeanor, and beliefs influence their investing decisions, thus, causing abnormal movements in the stock market (Mehran, Meisami, Busenbark (2011). It is possible that each day, investors from the same culture, nation, or set of beliefs make similar investing decisions, based on their particular beliefs, that would impact the local or the global markets depending on the cumulative amount of capital invested in each market by the investors. For example, Abadir and Spierdijk (2005) show that Ramadan (the Muslims’ holy month) and the Chinese New Year could have considerable influence on index returns and trading volumes. They show that Ramadan, for example, contributes an additional 4% to weekly index returns. Our results support our main hypothesis that HSI’s returns are higher for the lunar days considered lucky and lower for the lunar days considered unlucky. We do not find similar results for the S&P 500 daily returns in the lunar calendar. We are currently investigating whether the significant influence of Chinese culture and capital in countries such as Singapore, Malaysia, and Indonesia has produced similar market reactions to lucky (or unlucky) days. Also, is the observed market behavior caused by individual and/or institutional investors? Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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