Lunar cycle effect and an application in Ise

Abstract

It is believed that the phases of the moon could have affect the human behaviors sinceancient Greek and Roman civilizations. It is also stated in recent psychological studies thatmoon phases may affect human behaviors and mood. In this study, moon phases haveexamined in respect of behavioral finance and it has tried to find if there is a relationshipbetween the moon phases and stock returns and also trading volumes in İstanbul StockExchange 100 Index (ISE 100). According to the results of the study, there is no significantdifference between moon phases and ISE 100 returns and trading volumes.