The results on the persistence of the difference between new moon and full moon returns are stronger in Panels B, C, and D, as compared to those for the DJIA in Panel A. The percentage of years in which mean new moon daily returns are higher than full moon returns ranges from a low of percent to a high of percent. Binomial tests similar to those for the DJIA yield p-values ranging from a low of to a high of , with 4 of the 6 specifications significant at the five percent level or.
