chapter 11
Religious holidays
In previous chapters, I have shown how changes in our mood can impact behaviour patterns and how this can affect our investment decisions (see Chapters 3 and 5). In the same way, it is not surprising that religious festivals impact our behaviour, too.
Jewish holy days
In the study ‘Testing for non-secular regularities in stock returns and trading activity’, academics Laura Frieder and Avanidhar Subrahmanyam (2003) looked into how the US stock market performed around the most sacred of Jewish holidays, Rosh Hashanah and Yom Kippur. The former is an uplifting occasion, signifying the Jewish New Year and God’s creation of the world. At this time, many Jews spend the day in prayer, hoping to be granted a good year. ...
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