TAILIEUCHUNG - HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, ANDURBANAFFAIRS UNITED STATES SENATE

We begin our investigation with a comprehensive look at possible lunar cycle effects in . stock returns. We find that stock returns are substantially higher around new moon dates as compared to full moon dates. This pattern exists for all major . stock indexes over the full history of available returns, including the Dow Jones Industrial Average (1896-1999), the S&P 500 (1928-2000), NYSE-AMEX (1962-2000), and Nasdaq (1973-2000). The economic magnitude of this difference is large, with daily returns around new moon dates nearly double those around full moon dates. As another calibration statistic, the annualized. | AUTHENTICATED . GOVERNMENT INFORMATION GPỌ S. Hrg. 111-38 THE MADOFF INVESTMENT SECURITIES FRAUD REGULATORY AND OVERSIGHT CONCERNS AND THE NEED FOR REFORM hearing BEFORE the COMMITTEE ON BANKING HOUSING AND URBAN AFFAIRS UNITED STATES SENATE ONE hundred eleventh congress FIRST SESSION ON how the securities regulatory system failed to detect the MADOFF INVESTMENT SECURITIES FRAUD the extent to which SECURITIES INSURANCE WILL ASSIST DEFRAUDED VICTIMS AND the NEED FOR REFORM JANUARY 27 2009 Printed for the use of the Committee on Banking Housing and Urban Affairs Available at http congress senate . GOVERNMENT PRINTING OFFICE 50-465 PDF WASHINGTON 2009 For sale by the Superintendent of Documents . Government Printing Office Internet Phone toll free 866 512-1800 DC area 202 512-1800 Fax 202 512-2104 Mail Stop IDCC Washington DC 20402-0001 COMMITTEE ON BANKING HOUSING AND URBAN AFFAIRS CHRISTOPHER J. DODD Connecticut Chairman TIM JOHNSON South Dakota JACK REED Rhode Island CHARLES E. SCHUMER New York EVAN BAYH Indiana ROBERT MENENDEZ New Jersey DANIEL K. AKAKA Hawaii SHERROD BROWN Ohio JON TESTER Montana HERB KOHL Wisconsin MARK R. WARNER Virginia JEFF MERKLEY Oregon MICHAEL F. BENNET Colorado RICHARD C. SHELBY Alabama ROBERT F. BENNETT Utah JIM BUNNING Kentucky MIKE CRAPO Idaho MEL MARTINEZ Florida BOB CORKER Tennessee JIM DEMINT South Carolina DAVID VITTER Louisiana MIKE JOHANNS Nebraska KAY BAILEY HUTCHISON Texas Colin McGinnis Acting Staff Director William D. Duhnke Republican Staff Director Dean V. Shahinian Legislative Assistant Kate Szostak Legislative Assistant Brian Filipowich Legislative Assistant Drew Colbert Legislative Assistant Didem Nisanci Legislative Assistant David Stoopler Legislative Assistant Jonathan Davidson Legislative Assistant Tamara Fucile Legislative Assistant Emily Paladino Legislative Assistant Rob Lee Legislative Fellow Mark F. Oesterle Republican Counsel Andrew Olmem Republican

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