The evidence so far indicates a persistent pattern of lunar-cycle effects in . and international stock returns. However, the combination of high standard deviation of daily returns and relatively short time series results in insufficient statistical significance at the individual stock index level. In Panel B of Table 5 we use the cross-section of international stock data to offer more powerful tests of the lunar cycle effect. Specifically, in the first part of Panel B we pool all data for the G-7 countries together and compute the same statistics. Essentially, this test treats all stock.
