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dc.contributor.author Zhang, Jian
dc.contributor.author Meisami, Alex
dc.contributor.author Mehran, Jamshid
dc.date.accessioned 2021-06-28T20:17:12Z
dc.date.available 2021-06-28T20:17:12Z
dc.date.issued 2015
dc.identifier.citation Zhang, Jian, et al. “Market Behavior in ‘Lucky’ Days.” Journal of Applied Finance & Banking, vol. 5, no. 2, 2015, pp. 1–2.
dc.identifier.uri https://hdl.handle.net/2022/26614
dc.description.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. Keywords: Behavioral Finance, Abnormal Returns, Superstition, Lunisolar Calendar, Chinese Culture, Language en
dc.format.extent 11 pages
dc.format.mimetype PDF
dc.language.iso en en
dc.publisher Scienpress en
dc.subject.lcsh Stock exchanges
dc.subject.lcsh Superstition
dc.title Market Behavior in "Lucky" Days en
dc.type Article en


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