Will Stock Rise on Valentine’s Day?

Terence Tai Leung Chong and Siqi Hou

MPRA Paper from University Library of Munich, Germany

Abstract: This study is a pioneer in academic literature to investigate the relationship between Valentine’s Day and stock market returns of major economies around the world. The findings indicate that stock returns are higher on the days when Valentine’s Day is approaching than on other days for most cases, showing “the Valentine Effect” in the stock market. Specific control variables for Valentine’s Day are also introduced to eliminate the potential influence of other effects. Unlike other holiday effects in previous literature, the Valentine’s Day Effect cannot be explained by many conventional theories, such as tax-loss selling and the inventory adjustment hypothesis.

Keywords: Valentine Effect; Tax-loss Selling Hypothesis; Inventory Adjustment Hypothesis. (search for similar items in EconPapers)
JEL-codes: G1 G14 (search for similar items in EconPapers)
Date: 2020-02-14
New Economics Papers: this item is included in nep-fmk
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https://mpra.ub.uni-muenchen.de/99058/1/MPRA_paper_99058.pdf original version (application/pdf)

Related works:
Journal Article: Will stock rise on Valentine’s Day? (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:99058

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