An inspection of Panel A reveals that all seven stock indexes display the same lunar-cycle pattern found in . returns. Mean daily returns around new moon dates are always higher than returns around full moon dates, and the difference is usually considerable. However, due to the relatively short time-series of observations, the t- statistics for most individual countries are insignificant, with only the Frankfurt and the Toronto results approaching significance at conventional levels (t-statistics of and ). This return pattern also seems fairly persistent, with the percentage of years in which new moon returns exceed full.
