As one might expect from the preceding results in Tables 1 and 5, most of the return differences between new moon and full moon windows are insignificant at the individual exchange level. The persistence results are also similar to earlier results. New moon returns exceed full moon returns for most years for 16 out of 18 exchanges, one shows an even split of years, and one shows the converse result. Similar to Figures 1 and 2, in Figure 3 we illustrate the economic magnitude of the return differences by presenting a graph of annualized new moon and.
