For an alternative summary of our . return results, Figure 1 presents a graph of new moon vs. full moon annualized mean daily returns for the 15-day specification. In interpreting the graph, it is useful to keep in mind that the returns for the DJIA and the S&P 500 exclude dividends, while dividends comprise the bulk of total stock returns up until the last 30 or 40 years (., Fama and French 2001). Thus, it is not surprising that the returns for the DJIA and the S&P 500 (which start a lot earlier) are lower than those for.
