TAILIEUCHUNG - Market behavior in "lucky" days

The purpose of this paper is to examine whether or not the markets behave differently in different days of a month merely due to the meaning(s) associated with the digit a particular day end with. We used multiple univariate tests to test the quality of means for lunar days ending 5, 8 and 9(lucky days) against other days. OLS regression was also utilized to test statistical significance for the target dates in both Lunisolar and Gregorian calendar for Heng Seng and S&P 500 daily returns. The study finds that Hang Seng’s returns are higher for the lunar days associated with good luck in the Chinese culture (days end with 8 and 9) and lower for the lunar days ending with 5(5 is associated with unlucky meaning). However, it fails to show similar pattern and results for the S&P 500 daily returns. The research finding provides further evidence that cultural beliefs and superstitions can affect stock market returns. The paper also raises a new perspective and potential reason to explain stock returns movements in different stock markets. It further proves the notion that a significant portion of market movements are caused by participants’ irrational behavior such as cultural beliefs and superstition. | Journal of Applied Finance Banking vol. 5 no. 2 2015 19-28 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2015 Market Behavior in Lucky Days Jian Zhang1 Alex Meisami2 and Jamshid Mehran3 Abstract The purpose of this paper is to examine whether or not the markets behave differently in different days of a month merely due to the meaning s associated with the digit a particular day end with. We used multiple univariate tests to test the quality of means for lunar days ending 5 8 and 9 lucky days against other days. OLS regression was also utilized to test statistical significance for the target dates in both Lunisolar and Gregorian calendar for Heng Seng and S P 500 daily returns. The study finds that Hang Seng s returns are higher for the lunar days associated with good luck in the Chinese culture days end with 8 and 9 and lower for the lunar days ending with 5 5 is associated with unlucky meaning . However it fails to show similar pattern and results for the S P 500 daily returns. The research finding provides further evidence that cultural beliefs and superstitions can affect stock market returns. The paper also raises a new perspective and potential reason to explain stock returns movements in different stock markets. It further proves the notion that a significant portion of market movements are caused by participants irrational behavior such as cultural beliefs and superstition. JEL classification numbers G14 G15 Keywords Behavioral Finance Abnormal Returns Superstition Lunisolar Calendar Chinese Culture Language 1 Introduction Previous findings suggest that natural events such as lunar cycles rain sunshine and seasonality influence market returns. Investors mood demeanor and beliefs seem to cause abnormal movements in the stock market. In addition there is evidence that the 1Jian Zhang Alumni of Mendoza College of Business University of Notre Dame . 2Alex Meisami Corresponding Author Judd Leighton School of Business and Economics .

• Đầu tư Chứng khoán
• Behavioral finance
• Abnormal returns
• Lunisolar calendar
• Chinese culture
• Market behavior
• I nvestment decision making
• Area of behavioral finance
• Types of biases
• Concepts of behavioral finance
• IMPACT OF BEHAVIORAL BIASES
• Essentials of Investments
• Technical Analysis
• Behavioral Critiqu
• Share Price
• Moving Averages
• Srandard Finance
• Investor Preferences
• Cash Dividends
• !Investors Prefer Stocks
• GOOd Companies
• Lecture Consumer finance
• Consumer finance
• Behavioral economics
• Financial decisions I
• Self control and temptation
• Product design brainstorm
• Hello wallet
• US financial system
• Professional Conduct
• Professional Standards
• Wealth Management
• Code of Ethics
• Financial markets
• Lecture Financial markets
• Economics 252
• Role of Psychology
• Prospect theory
• Corporate finance
• Principles of corporate finance
• Valuing bonds
• Efficient markets
• How corporations issue securities
• Payout policy
• Investment environment
• Lecture Investments
• Active portfolio management
• Capital markets
• Market efficiency
• Calculate present values
• Common stocks
• Performance measurement
• Investment portfolio
• Portfolio insurance
• Various portfolios
• Risk tolerance level of investors
• Financial literacy
• Behavioral biases
• Retirement savings
• College students
• Finance research
• Investors Prefer Stocks
• Efficient capital markets
• Behavioral challenges
• Capital budgeting
• The levered firm
• Cash management
• Special topics
• Capital structure
• Dividends and other payouts
• Raising capital
• Private Banking
• Global Technical
• Research and Behavioral Finance
• Caution Hope
• Greed
• Optimism
• ethical trouble
• Philosophical fundamentals
• Natural law
• consequentialism
• ultimate obligation
• promissory obligations
• modeling and production
• simple rule theory
• might emphasize
• usually requires
• produce results
• drilling or mining
• nghiên cứu khoa học
• thị trường ngoại hối
• lý thuyết tài chính hành vi
• chính sách ngoại hối
• tâm lý tài chính
• thị trường quốc tế
• Nghiên cứu tài chính hành vi
• Ứng dụng tài chính hành vi
• Thị trường ngoại hối Việt Nam
• Empirical evidence
• The efficient market hypothesis
• Option valuation
• Futures markets
• Securities markets
• Asset classes
• Financial instruments
• Other investment companies
• Investment companies