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international journal of business management
Volume 4, 2019, Issue 2
The Effect of Lunar Calendar on Stock Market Returns
Reihaneh Sarafnejad
Pages: 25-29


There is much evidence from the past half century on seasonal patterns or calendar anomalies in financial markets, including stock markets and bonds. The purpose of the current study was to investigate the effects of lunar calendar on stock market returns. The present study was a literature review of this subject. The results of this paper presented valuable information about the effects of the lunar calendar on financial markets.

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international journal of business management
Issue 1, Volume 5, 2020