The . findings prompt us to expand our investigation internationally. We use Datastream data to derive results for 24 other countries over the last 30 years, covering essentially all major stock exchanges in the world. We find that the pattern of . results is largely repeated in these other countries. If anything, the results are more pronounced for foreign countries. More specifically, the daily returns around new moon dates are more than double those around full moon dates, with annualized differences on the magnitude of 7 to 10 percent. In addition, combining . and.
