Studing Transylvania Effect on Stock Return and Trading Volume

Document Type : Original Article

Authors

1 Assistant Professor of Islamic Azad University

2 Master of Accounting

10.22034/iaar.2012.104689

Abstract

       Financial science started with classic theory of finance and passing through the behavioral finance has reached to Neuro finance stage. The stage that indicates finance is related to medicine in addition to psychology. Indeed, this area of finance is based on changes occurring in the human body and examination of its effects on human characteristics and decisions that can cause changes in capital market. One of the influential factors based on the physiological and biological evidence is the effect of moon light on the human brain and its influence on their behaviors and decisions.
The purpose of this study is to evaluate the effect of Transylvania (full moon) on the return and stock trading volume in the stock market in Iran. In this regard, Tehran Stock Exchange (TSE) which is the statistical population of this research has been evaluated for a period of 15- years (1376-1390) on a daily basis and with the use of total index. In this study, student's T test, Welch and Satterthwait -Welch   were used to analyze data.
The research results indicate that the radiation of full moon in different cycles and new moon had no effect on investment decisions and there is no significant impact on stock trading volume and returns in the stock market in Iran.

Keywords

Accounting and Auditing Research
Volume 4, Issue 14
July 2012
Pages 114-133

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